News & Politics

Mini Budget 2019 : Finance Minister Asad Umar Presents Third Finance Bill

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(Last Updated On: 24/01/2019)

The people of Pakistan are looking forward to the first budget by the new government under Prime Minister Imran Khan. Before the actual comprehensive budget is here, the finance minister Asad Umar announced a mini-budget for the fiscal year 2019. The mini-budget was presented b assembly on 24th January 2019. The minister said that it was just an effort to introduce the financial reforms. It is not an actual budget but only an effort to give the deprived some share in the country’s assets. The deprived and the low-income people will feel at ease after payment of some additional taxes will be expected from the upper elite class. The key features of yesterday’s mini-budget are as follows:

  1. As the financial departments face a lot of challenges in getting the taxes, therefore, the tax paid against the banking transactions will be reduced. It is expected to encourage the taxpayers.
  2. There will be no sales tax or the customs duty on the products making use of renewable This ease will be enjoyed for the next five years.
  3. Trading in the stock exchanges will be exempted from the withholding tax.
  4. There will be no duty on the newsprint paper.
  5. The sports bidders don’t have to pay any taxes in the future.
  6. The machinery used in any project going on in the SMEs will not be liable to the taxation of any kind.
  7. To encourage the industrialization all industries that will be newly set up will pay no taxes for the next five years.
  8. The nonbanking companies were criticizing over the super tax for From 1st July they will not be paying the same.
  9. The taxes on loans given to SME or the agriculture sector are reduced by 20 percent.
  10. The small marriage halls that were previously paying Rs. 20,000 will now be paying the only Rs.5, 000 as the tax.
  11. The raw materials will be exempted from the duty.
  12. There will be an annual reduction of 1 pc in the field of corporate income tax.
  13. If the nonfilers pay their excessive taxation, then they will be allowed to purchase an accommodation worth Rs. 5 million.
  14. The taxation on the services especially the mobile phones is also The buyers getting imported phones will have to pay a customs duty worth Rs.150 on every phone costing less than $30. The customs duty on all phones above this range will gradually increase in rate.
  15. The taxes are increased on the vehicles more than 1800 cc.

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