Islamabad: The government of Pakistan Tehreek-e-Insaaf presented its second mini-budget in the national assembly on Wednesday. The Finance Minister Asad Umar presented the mini-budget after the approval from the cabinet.
The highlights of the budget are as under:
An investment promotion and industrial competitiveness package is announced for the exporters.
The tax on the small companies has reduced from 39% to 20%.
Non-filers can purchase cars up to 1300CC and house up to 50 lac rupees.
The government has also decided not to impose any kind of tax till 5 years on those working on making renewal energy machinery. Also, the tax will not be imposed on those who will invest in such businesses.
From July 1st, the super tax on the non-banking companies will be removed and this tax was imposed by previous government.
An increased custom duty will be imposed on 1800cc or above vehicles.
Businesses can carry forward and set off their capital losses for 3 years.
The tax on the salaried class has been reduced.
A Qarz-e-Husna scheme for Rs 5 billion has been proposed by the government for the poor people.
The withholding tax on the banking transactions has been eliminated.
Wealth tax will only be paid twice a year.
Withholding tax on trading in the stock exchange market has also been removed.
On the import of newsprint paper, duty tax is also removed.
The government has also announced to reduce import duty on raw materials.
5% duty has been reduced on diesel engines for agricultural use.
According to the Finance Minister, the main objective of the government before preparing and presenting the budget was to make life easier for the poor and to increase taxation on the rich people. He added that it is not a finance bill, it is a reforms bill.
Also, mobile phone import duties were explained in the budget, you can find complete details here: Mobile Phone import tax details in mini budget presented by Asad Umer