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The newly elected government of Pakistan has announced the mini-budget. The budget has been announced by the finance minister Asad Umar.
Here are the silent features of newly announced mini-budget.
- Limit for taxable income will remain the same as it was 1.2 million
- The tax rate for all the citizens will be lesser as compared to that of last year.
- As compared to last year, Tax will be reduced on masses with higher salaries.
- Tax immunity would be ruled out on the allowances for Prime Minister, other ministers, and governors.
- The tax has been reduced from different departments in the new financial year.
- No charges have been made from the CPEC projects.
- No deduction will be made from the budget for the constructions of new dams.
- 50 billion rupees will be reserved for the infrastructure of Karachi. However, 725 billion would be reserved for different development projects.
- Supplies of fertilizers will be enhanced for the ease of farmers.
- Health card will be released for the public.
- Health card will allow citizens to avail medical services cost up to 5.4 lacs.
- 10,000 houses will be constructed for labor class.
- 10 percent increment for the minimum pension of EOBI pensioners.
- No increment will be made in Petroleum tax.
- Industries will get subsidies worth 44 billion.
- Ban on the non-filer for purchasing a new car or property that worth over 4 million has been lifted.
- Relief worth 5 billion will be provided to export industry in terms of regulatory duty.
- The tax will be increased on tobacco.
- The tax will be increased by 20% on the cars above 1800 cc.
- The tax will be increased on expensive smartphones