The new government took over the reins with commitment and dedication. They aim high to fulfil the dreams of the nation who are waiting for the best times to come soon shortly. The financial matters are of great concern for the new regime. To fulfil the goals the newly appointed Federal Minister for Finance, Revenue, and Economic Affairs Asad Umar came up with a revolutionary financial statement in the form of mini-budget 2018-19. This mini-budget was put before the elected members of parliament.
The minister hopes that this mini version of the budget will be able to overcome some financial loopholes that were pointed out in the budget statement by the previous PML-N government. The primary goals mentioned in this regard are an increase in exports, better job prospects for the youth and handsome reserves of foreign exchange. The mini-budget has also emphasised how the life of the poor can be uplifted. Subsidies were also announced for the farmers and the industrialists.
To improve the public sector, the budget was raised from a total of 661 billion to 725 billion rupees. Special funds were announced to improve the CPEC. New taxation limits were also introduced — the people earning Rs. 400,000 per annum will be exempted from all kinds of taxation. The salaried class will have to pay 25% tax while the nonsalaried will have to pay 29% as income tax.
At the same time, the duties on luxury items, mobile phones, imported food items, cigarettes, cosmetics etc will be increased. The buyers intended to buy the1800 cc vehicles will have to pay 20 per cent duty. The low-income pensioners will enjoy a 10 per cent rise in the pensions too. There is a whole list of subsidies for the farmers; Punjab based industries, and also the petroleum tax. The health card was introduced for the people living in Islamabad and FATA.