Pakistan Mini Budget 2018 2019 Highlights Discussed in Urdu – Pakistan Budget 2019 Details in Urdu

Pakistan Mini Budget 2018 2019 Highlights Discussed in Urdu – Pakistan Budget 2019 Details in Urdu

In this video, we discussed Pakistan Mini Budget 2018 2019 Highlights Discussed in Urdu – Pakistan Budget 2019 Details in Urdu

Highlights Of The Mini Budget Pakistan 2018-19

Federal Minister for Finance, Revenue, and Economic Affairs Asad Umar presented a mini-budget 2018-19 on Tuesday in the National Assembly that will be a game-changer for the ongoing financial year.

Tax Exemptions

• The minister announced to eliminate withholding tax on banking transactions for filers to encourage the tax-paying culture.

• Asad Umar announced that products for renewable energy will also be exempted from sales tax and customs duty for the next five years.

• Withholding tax on trading in the stock exchange will also be removed.

• Duty on import of newsprint paper has been eliminated as well.

• All machinery in special economic zones exempted from all taxes.

• New industries to be exempted from income taxes for five years.

Taxes On Income

• Upto Rs 400,000 – Exempt
• Rs 800,000 – Rs 12,00,000 – Rs.2,000
• Rs 12,00,000 – Rs 24,00,000 – 5% fixed tax
• Rs 24,00,000 – Rs 30,00,000 – Rs. 60,000 fixed tax
• Maximum tax for salaried class – 25%
• Maximum tax for non-salaried class – 29%

Tax On Non-Filers

• 0.6% tax to be charged non-cash transactions above Rs 50,000 (up from 0.4%).
• The ban on non-filers purchasing new assets removed
• 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.

Items To Become Expensive

• Duties on 300 luxury items, including luxury cars, imported food, make-up, and high-end mobile phones, to be raised
• Duties on cigarettes to be raised
• 20 percent duty placed on 1800cc vehicles

Download Finance Amendment Bill 2019(mini budget 2018-19)