mini-budget 2019

Mini budget 2019 was announced by Federal Minister for Finance, Revenue, and Economic Affairs Asad Umar in the National Assembly today.

The Minister began his speech by declaring that is not just a mini budget but rather a set of economic reforms.

Highlights Of The Mini-Budget 2019 

  • Tax on income from loans to the Small Medium Enterprises (SMEs) sector to be reduced to 20%
  • The agricultural tax will be reduced to 20%
  • Loans will be decreased to 20% to provide low-income housing.
  • Revolving fund up to Rs 5 Billion will be introduced.
  • Withholding tax for filers on banking transactions will be abolished in order to encourage the practice of paying taxes.
  • Non-fillers will be allowed to buy small and mid-size cars up to 1300CC
  • Increase in tax on vehicles over 1800CC
  • Non-filers can buy a house worth 50 lakh
  • The tax has been decreased to Rs5000 for small wedding halls up to 500 square feet.
  • Elimination of Duty on import of newsprint
  • 30% tax on mobile cards restored
  • Those who are investing in solar panels and wind turbines will not have to pay sales tax and customs duty in the upcoming five years
  • No tax on bids for sports franchises until profitability
  • Super tax eliminated for non-banking companies from July 1
  • Continuation of 1% per annum reduction in corporate income tax
  • The tax will remain the same for expensive phones and will decrease for low priced phones
  • Scheme to be introduced of promissory notes for exporters. It will enable any exporter to take loans from banks on these notes.
  • Duty on diesel engines for agricultural purposes decreased to 5%.

Mini Budget Pakistan 2018-19 Summary

Pakistanis React to Mini Budget 2019

Pakistanis have heartily welcomed the new financial reforms and are thanking Asad Umer for tax relaxations.

This a developing story.

Stay tuned to Brandsynario for more updates.

 

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