LAHORE - Admitting that he could not study the final draft of the Finance Bill before budget presentation, Advisor to Prime Minister on Finance Shaukat Tarin has pledged the business community that the clauses creating troubles for them would be removed. He also claimed that the agriculture sector would be brought into tax net in fiscal year 2010-11. This sector will either be taxed or I will quit the job, he added. He was addressing a post budget seminar here on Wednesday. Chairman Federation of Pakistan Chambers of Commerce and Industry (Punjab-chapter) Mian Muhammad Idrees, SAARC Chamber of Commerce and Industry Vice President Iftikhar Ali Malik, Former Advisor to PM on Finance Dr Salman Shah and FPCCI President Sultan Ali Chawla also spoke on this occasion. Shaukat Tarin assured the industrialists that the government is genuinely concerned about the declining industrial production in the country and would try its level best to remove all irritants that increase their cost of doing business. He also asked the manufacturing sector to show some patience, as the government has declared next fiscal as the year of industrial revival. He said that allocations of over Rs 60 billion have been made in the new budget for promoting value added industries, small and medium enterprises and upstarts in industrial activity. He said that the government would allocate Rs 40 billion this year to provide incentives to mainly the value added textile sector. He said that the details of these incentives would be announced in the trade policy, adding that all the demands of textile exporters have been met. He said the manufacturers should rest assure that the government is prepared to increase the incentive package by another Rs10 billion if required. He said that the issues like research and development grant and other facilities have been addressed in the textile package. Tarin said that the higher value adding sector would get higher support. This support, he said, would also be available to the other sectors. He said export refinance that amounted to Rs 140 billion last year has been increased to Rs 250 billion in 2009-10. He said that irritants in the tax laws relating to powers of the assessment officers and audit would be removed in consultation with the stakeholders through city or region based committees comprising trade association representatives and concerned government departments. Tarin said that the cross subsidies on gas would be removed from next fiscal that would reduce the energy cost of the industry. He said that the CVT imposed on property is a progressive tax that would be changed to capital gain tax in 90 days after finalization of National Finance Award in consultation with the provinces. Defending 7 per cent banking spread, he termed it as outcome of high inflation. The Advisor on Finance said that some larger banks have a larger spread of up to 10 per cent, which is unjust. He said the State Bank of Pakistan has been requested to negotiate with these banks and try to convince them to reduce their spread. He also defended the economic agenda of the present regime stating that economic consolidation was partially achieved in the first year and would take another year to be in the comfort zone. He said the interest rates would soon come down by 100 basis points and the inflation would further reduce in coming months. Earlier, former Federal finance minister Dr Salman Shah questioned the economic policies of the present regime. He said the budget is based on presumptions. Taking loan further loan from IMF if the friends of Pakistan failed to fulfill their donation pledges would be very costly even if the loan is immediately returned, as the full IMF charges would have to be paid. He said there would be a shortfall of about Rs300 billion in the resources calculated in the budget. Revenue target, he stressed, would not be met. He pointed out that the circular debt in October 2008 was Rs 50 billion that increased to Rs190 billion in next 10 months adding that the electricity crisis is more due to non-payment of dues than the capacity constraints.