Mini budget discussion

[Zibago]

Here’s what to expect from PTI’s mini-budget
January 23, 2019

Samaa Digital

Pakistanis should brace themselves for harder times ahead. The PTI government will present its second mini-budget today (Wednesday).

The National Assembly will come into session at 4:30pm.



Mobile phones, electronics and hundreds of luxury items are likely to get more expensive. The price of nearly 100 imported products is expected to rise too.

Related: Government may abolish advance tax on the sale and purchase of Pakistan Stock Exchange shares

It is expected that tax will be charged on Rs500 mobile balance. The government has been advised to decrease the tax on salaried class. It is expected that non-filers will be able to buy small cars. The withholding tax on banking transactions is expected to be decreased.

PTI has announced that it will provide some relief to the people in the mini-budget.

We may see an increase in the tax or tariff rate of certain imported products and a decrease in the tax rate of imported raw material, said Finance Minister Asad Umar in December.

During his visit on Karachi, Asad Umar emphasised that the government wants to improve the ease of doing business in the country. The private sector runs the economy but it needs to see improvement to increase its investment, he said. No matter how patriotic a person is, he will only invest to a certain extent if the terms aren’t right.

Speaking about the situation before his government came into power, he said it was difficult to invest in Pakistan. Taxes and electricity prices were barriers to investment, he said, adding that the way tax was being charged was creating problems for investors. We will try to make it easier to invest in Pakistan, he promised.

Related: The key points of the PTI mini-budget: protect the poor, support farming, industry

On September 18, the PTI government had presented its first mini-budget. The two points of the budget stood out. The government wants to protect low-income and poor people and has tried to pass on new taxes to those who earn more. Secondly, it wants to support agriculture and industry and make them competitive in exports so they create jobs and earn foreign exchange
https://propakistani.pk/2019/01/23/...9RhdfM8qTv1-MSAC9GuOUn_feNED8LIHA-77-2kM9g_uY

 

[Pakistani E]

Here’s what to expect from PTI’s mini-budget
January 23, 2019

Samaa Digital

Pakistanis should brace themselves for harder times ahead. The PTI government will present its second mini-budget today (Wednesday).

The National Assembly will come into session at 4:30pm.



Mobile phones, electronics and hundreds of luxury items are likely to get more expensive. The price of nearly 100 imported products is expected to rise too.

Related: Government may abolish advance tax on the sale and purchase of Pakistan Stock Exchange shares

It is expected that tax will be charged on Rs500 mobile balance. The government has been advised to decrease the tax on salaried class. It is expected that non-filers will be able to buy small cars. The withholding tax on banking transactions is expected to be decreased.

PTI has announced that it will provide some relief to the people in the mini-budget.

We may see an increase in the tax or tariff rate of certain imported products and a decrease in the tax rate of imported raw material, said Finance Minister Asad Umar in December.

During his visit on Karachi, Asad Umar emphasised that the government wants to improve the ease of doing business in the country. The private sector runs the economy but it needs to see improvement to increase its investment, he said. No matter how patriotic a person is, he will only invest to a certain extent if the terms aren’t right.

Speaking about the situation before his government came into power, he said it was difficult to invest in Pakistan. Taxes and electricity prices were barriers to investment, he said, adding that the way tax was being charged was creating problems for investors. We will try to make it easier to invest in Pakistan, he promised.

Related: The key points of the PTI mini-budget: protect the poor, support farming, industry

On September 18, the PTI government had presented its first mini-budget. The two points of the budget stood out. The government wants to protect low-income and poor people and has tried to pass on new taxes to those who earn more. Secondly, it wants to support agriculture and industry and make them competitive in exports so they create jobs and earn foreign exchange
https://propakistani.pk/2019/01/23/...9RhdfM8qTv1-MSAC9GuOUn_feNED8LIHA-77-2kM9g_uY

Can someone pass these on to PTI gov too:

- Have a "Clean Pakistan" day once a week, where you get everyone together to clean their respective city/town/village. Get everyone involved regardless of background through volunteering. Also, this day can be used to raise awareness about littering, the environment and other forms of pollution.

- "Unity day", invite Pakistanis of all religious and ethnic backgrounds to a celebration of unity and love, so we can combat hatred and intolerance in our society.

- Raise awareness of following traffic rules and enforce lane discipline.

 

[El Sidd]

Will it take a Martial law to make a dam?

This government simply has failed in dam construction initiative.

 

[Tps43]

Will it take a Martial law to make a dam?

This government simply has failed in dam construction initiative.

Ohh Fürhur whyzz u soo madzzz

 

[El Sidd]

Ohh Fürhur whyzz u soo madzzz

bhai dam banane kay liye uska budget banta hai... import and export mirror this and provisions are made for it on national level.

 

[Tps43]

bhai dam banane kay liye uska budget banta hai... import and export mirror this and provisions are made for it on national level.

Agreed

 

[Sine Nomine]

I don't expect anything good from PTI.

 

[pkuser2k12]

Mini Budget details


​

 

[pkuser2k12]

 

[zeroboy]

 

[313ghazi]

Summary of mini budget from Dawn

• 49 per cent tax on small and medium enterprises reduced to 20pc.
• Interest on agri loans reduced from 49pc to 29pc.
• Introduction of interest free revolving credit of Rs5 billion (qarz-i-husna)
• Withholding tax on bank transactions waived off for tax filers.
• Ban on purchase of vehicles for non-filers lifted for cars up till 1300CC capacity, but higher taxes will apply.
• Small businesses exempted from submitting withholding tax returns every month; will do so only twice every year.
• Rs20,000 fixed tax on marriage halls reduced to Rs5,000.
• Pilot scheme to be introduced in Islamabad to facilitate traders in filing and paying taxes.
• Duty on news print abolished completely.
• Investment in solar panels and wind turbines to be exempt from duties and taxation for five years.
• Reduction and abolishment (in some cases) of duties on raw materials to support export industries.
• Super tax on non banking companies to be abolished.
• Continuation of 1pc per annum reduction in corporate income tax.
• Capital loss carry-over to be allowed for 3 years (stock trading).
• Taxes on cars with engine capacity of 1800CC and above to be increased.
• Taxes on mobile duties rationalised: taxes on budget sets to be reduced, high end sets to become more expensive.
• Tax refunds to be worked out; promissory notes to be issued by mid February.
• Gas Infrastructure Development Cess to be removed from fertiliser production.
• Duty on diesel engines for agricultural applications to 5pc from current 17pc.

https://www.dawn.com/news/1459317/f...sents-third-finance-bill-amidst-loud-protests

My personal favourite is the bit about the solar panels and wind turbines. This should be pushed heavily as a perk to attract interest for FDI.

 

[alee92nawaz]

Another tax on mobile phones

Summary of mini budget from Dawn

• 49 per cent tax on small and medium enterprises reduced to 20pc.
• Interest on agri loans reduced from 49pc to 29pc.
• Introduction of interest free revolving credit of Rs5 billion (qarz-i-husna)
• Withholding tax on bank transactions waived off for tax filers.
• Ban on purchase of vehicles for non-filers lifted for cars up till 1300CC capacity, but higher taxes will apply.
• Small businesses exempted from submitting withholding tax returns every month; will do so only twice every year.
• Rs20,000 fixed tax on marriage halls reduced to Rs5,000.
• Pilot scheme to be introduced in Islamabad to facilitate traders in filing and paying taxes.
• Duty on news print abolished completely.
• Investment in solar panels and wind turbines to be exempt from duties and taxation for five years.
• Reduction and abolishment (in some cases) of duties on raw materials to support export industries.
• Super tax on non banking companies to be abolished.
• Continuation of 1pc per annum reduction in corporate income tax.
• Capital loss carry-over to be allowed for 3 years (stock trading).
• Taxes on cars with engine capacity of 1800CC and above to be increased.
• Taxes on mobile duties rationalised: taxes on budget sets to be reduced, high end sets to become more expensive.
• Tax refunds to be worked out; promissory notes to be issued by mid February.
• Gas Infrastructure Development Cess to be removed from fertiliser production.
• Duty on diesel engines for agricultural applications to 5pc from current 17pc.

https://www.dawn.com/news/1459317/f...sents-third-finance-bill-amidst-loud-protests

My personal favourite is the bit about the solar panels and wind turbines. This should be pushed heavily as a perk to attract interest for FDI.

Another tax on mobile phones. They should exempt the phones under 250 dollars

 

[shahbaz baig]

the finance amendment bill in National Assembly, some highlights:

1. Withholding tax on banking transactions is abolished
2. Import duty on print media material abolished
3. Qarzaa Hasna scheme for poor to start their own business
4. Tax on marriage halls abolished
5. Tax free economic zones to be established
6. Import of machinery & income tax abolished on green zones
7. Custom duty & sales tax abolished on renewable energy (solar,wind) imports
8. Tax will be abolished from July on submission of sports bid
9. From 1st July super tax on non banking companies to be abolished
10. Corporate income tax rate will be kept as it was left by previous Govt
11. Group companies to get relief in tax - to encourage companies and businesses to expand
12. Capital loss carry over - companies will be given time to recover from losses
13. Import tax increased on 1800 CC cars
14. Import tax to remain same on luxury phones
15. Export facilitation centres to be established.

 

[Pakistansdefender]

Great initiative of giving relief to the people.

 

[Pakistansdefender]

He is the most sane guy in Pti .
I Simply admire and respect him.
He has most of the pressure and he dealt with it.. He faced all negative propaganda against him.
May Allah bless him and his vision for prosperous Pakistan .