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
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