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Summary Floods, law and order are main causes of financial pressure on the budget 2011-12, said Hafiz Sheikh
Addressing a pre-budget seminar held at a local club, federal minister for finance said 700,000 big defaulters have been identified. Notices have been sent to them, he revealed. To widen the tax net is government’s top priority, he added. Governor State Bank Shahid Kardar said floods caused an additional burden of $40 billion on the economy, while rising oil prices caused a burden of Rs 50 billion. Former finance minister Shaukat Tarin said we could be declared a failed state. Ex-minister for industries Jahangir Tarin said private sector needs to play its role. Ex-finance minister Sartaj Aziz apprehended no relief could be given in the budget. Nominal recovery from agriculture sector came under criticism. Agriculture tax is in place and is a provincial subject.
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