KARACHI: For the third year in succession Mr Ghulam Mohammad, Pakistan’s financial wizard, announced a surplus when he presented before the Parliament yesterday afternoon [March 13] his Budget for the year 1950-51 — this time with no important new taxation except the enforcement of the Estate Duty Act… .

Although the nominal surplus of Rs 10 lakhs has been effected by enhancing the existing taxation on certain luxury articles, to the extent of Rs 2 crores, the Budget has provided for … relief in respect of Super-tax and Capital Gains Tax, besides taxes on several principal food articles. Import duty on certain commodities in short supply has been abolished and on … others … reduced. Sales Tax … continues to be administered by the Centre for another two years but the exemption list has … been extended… .

A comparison of the Budget estimates for the year 1949-50 discloses unexpected disparities. While the revenue from customs was under-estimated to the extent of Rs 4 crores, the revenue from Railways which was expected to result in a deficit of Rs 81,64,000 … turned out to be a surplus of Rs 3,00,00,000. — Staff correspondent

Published in Dawn, March 14th, 2025