Financial Policies | MCQs

Explanation

Ghulam Muhammad, a Punjabi, had been Jinnah's choice

He served as Pakistan's first finance minister 15 August 1947 – 19 October 1951

Prime Minister: Liaquat Ali Khan, Sir K. Nazimuddin

Deputy: Muhammad Ali (1947–1948), Sir Victor Turner (1948–1951)

Succeeded by: Muhammad Ali

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He served as the third Governor-General of Pakistan,

Born: 29 August 1895, Lahore

Died: 29 August 1956 (aged 61), Lahore

Resting place: Fauji Qabrastan Karachi

Explanation

Liaquat Ali Khan Presented Poor Men’s Budget in 1946.

Following were some of the main features of the Poor Man’s Budget:

Salt Tax was completely abolished for the first time.

The minimum exemption limit for income tax was raised from Rs. 2000/- to Rs. 2500/-

Special income tax of 25% was introduced on businessmen whose annual profit was more than Rs. 100000/-

A graduated tax was introduced on the capital gains exceeding Rs. 5000/-

A commission was proposed to look into the accounts of those who accumulated wealth during the Second World War and to introduce heavy taxes on them.

Explanation