ASAD UMER PRESENTS FINANCE SUPPLEMENTARY BILL, 2019

Finance Minister Asad Umer on Wednesday said that this was not a budget being presented but rather a set of economic reforms.

Presenting the Finance Supplementary (Second Amendment) Bill, 2019, he said that the government faced severe economic challenges in the beginning, adding that this is not a budget but a reforms package for the uplift of various sectors.

The finance minister alleged that the previous government had increased the budget deficit in a bid to “buy the elections.” “We have to support the weak segments of the society,” he added.

– Umar went on to say that the country’s deficit ballooned to Rs900 billion.
– Country’s agricultural loans have increased 22 percent during the last six months.
– The country’s exports have increased.
– The Small and Medium Enterprised(SMEs) are the backbone of the economy as employment opportunities cannot be produced without SME sector.
– The PTI in its manifesto prioritised providing employment to the youth. This cannot be done if SMEs do not have the necessary funding.
– Tax is being reduced on small business institutions.
– The minister said that Pakistan’s economy will see most prosperity in its history during the PTI government’s tenure.
– Government to introduce Rs5 bn Qarz-e-Hasna scheme
– Non-filers can buy cars upto 1300cc.
– Taxes on marriage halls have been reduced.
– To provide low-income housing, loans will be decreased to 20 per cent. Rs5 billion revolving fund will be introduced.
– Withholding tax for filers on banking transactions will be eliminated to encourage the culture of paying taxes.
– Non-fillers can purchase small and mid-size cars up to 1300CC, but the tax would be increased.
– Special economic zones have been formed keeping in mind the interest of CPEC.
– All machinery in special economic zones will be exempted from all taxes.
– Pakistan’s imports have declined.
– Pakistan’s fiscal losses have declined
– Import duty on raw material is being reduced.
– Duty on import of newsprint eliminated.
– No tax on bids for sports franchises until profitability.
– Super tax will be eliminated for non-banking companies from July 1.
– Rs1470 sales tax imposed on imported mobile phones worth $30 to $100
– Rs1870 sales tax imposed on imported mobile phones worth $100 to $200
– Rs1930 sales tax imposed on imported mobile phones worth $200 to $350
– Rs6000 sales tax imposed on imported mobile phones worth $350 to $500
– Rs10300 sales tax imposed on imported mobile phones worth more than $500
– New industries will be exempted from income taxes for five years…