Second Mini-Budget 2019 Check out Complete Detail: Federal Finance Minister Mr. Asad Umar presented the second mini-budget 2019 in the National Assembly.
Second Mini-Budget 2019 Check out Complete Detail
The minister has announced that the taxpayers’ withdrawal tax on bank transactions will be eliminated in order to encourage taxation culture.
Asad Umar has announced that renewable energy products will also be released over the next five years on sales tax and customs duties.
Stock market retention tax will also be eliminated.
Newspaper import tax is also eliminated.Government has also eliminated the tax on sports franchise offers until they reach profitability.
All special economic zones are exempt from all taxes.
The new industries are exempt from income tax for five years.
As of July 1, the super tax for non-bank companies will also be eliminated.
Reduction of Taxes
Government has proposed a 20% reduction in income tax on loans to the SME and agricultural sector.
Similarly, the government reduced taxes in small marriage rooms to only Rs. 5000 from Rs. 20,000.
Reduction of import duty on raw material announced.
Asad has proposed continuing with 1 pc per year of reduction in corporate income tax.
Non-respondents can now buy homes for Rs. 5 million after excessive tax was paid.
Telecom & Mobile Phones
- Taxes on low priced phones have been decreased. Meanwhile, expensive phones will be taxed at a similar rate.
- Taxes on Imported Phones:
- Rs. 150 Customs Duty on imported phones valued under $30.
- Rs. 1,470 Customs Duty on imported mobile phones worth $30 to $100.
- Rs. 1,870 Customs Duty on imported mobile phones worth $100 to $200.
- Rs. 1,930 Customs Duty on imported mobile phones worth $200 to $350.
- Rs. 6,000 Customs Duty on imported mobile phones worth $350 to $500.
- Rs. 10,300 Customs Duty on imported mobile phones worth more than $500.
- Under the new finance bill, non-filers will now be able to purchase vehicles of up to 1300cc engine capacity after paying higher taxes. Non-filers will only be allowed to buy vehicles that have been locally assembled/manufactured.
- Tax increased for vehicles over 1800CC.
- A decline of five percent on duty announced on diesel engines for agricultural purposes.
- Easy loans will be given to the low-income sector for housing. A revolving fund of Rs. 5 billion introduced for this purpose.
- Promissory notes for exporters, which will allow them to take loans from banks on the basis of these notes.
Complete PDF file given below
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