Presenting the Finance Minister Asad Umar Miniy Budget in Parliament
Islamabad … News time
The federal finance minister presented the Supplementary Finance Bill in the National Assembly, which was unanimously approved. Increase duty on 1800 cc vehicles and more tax on Tobaco, The ban on buying a new car and property for non-filth was terminated. According to the Finance Bill, there will be no tax on income up to Rs 4 lakhs annually, 4 to 8 lakh rupees on annual income 1000 pay will be tax, 8 to 12 lakhs on annual income 2000 rupees pay will be tax, Similarly, 12 to 24 lakh rupees will be 5 percent tax on annual income, 30 to 40 million rupees Rs 15,000 will be pay fixed tax, fixed to Rs 30 to Rs 400 lakhs taxes will also be 20%.According to the bill, the amount of Rs. 40 to Rs 35,000 rupees pay will be fixed tax, 40 to 50 million rupees 25% tax, over Rs. 50 lakhs fixed 6 And will give pay 29 percent tax.
While addressing the National Assembly, Finance Minister Asad Umar said that pension is being increased by 10 percent, Farmers are increasing fertilizer delivery, to raise taxes on tobacco, 7 billion subsidies has been approved for the sustainability of urea prices, 8276 houses will be constructed for laborers, eliminate duty from raw material for the export industry. He said that the export industry is closing duty on 82 products, 50000 people were unemployed due to closing textile in Punjab.
Asad Omar further said that we are going to take five important steps; it is proposed to be deducted on expensive phones, the budget is proposed to be taxed on the Tabaco, duty on the above 1800 cc duty was 20% restricting ban on new vehicles and property for non-filers. He said that without raising tax, he will get Rs 95 billion, exporting 5 billion reliefs to export industry in regards to regulatory duty. Asad Omar said our goal is to strengthen and provide the economy, if there is no change in budget, problems can arise. He said that the government fulfilling the term is not the option to submit budget for the next fiscal year. The six budget presented to the previous government was contrary to facts. He said electricity sector has lost a loss of Rs 400 billion in one year; it is our first priority to withdraw the country from debt.
Federal Finance Minister said last year budget deficit was 4.1, trying to increase exports, Zodiac reserves are falling rapidly, external debt has increased from 60 billion to 95 billion. He said that there are more than 100 billion losses in the gas sector, he said. If there is no change in budget, problems can arise. He said that in the current situation the loss can reach 7.2 percent, if we continue walking, then the loss can reach Rs. 20000 billion. According to the report, Asad Umar said rotary loans increased to Rs 550 billion last year, the circular debt in gas sector reached 150 billion rupees, Zodiac reserves are inaccessible to import two months. He said that petrol could cost 20 rupees expensive by reducing the value of rupees. Those who pay more salaries are lowering tax than last year; 50 billion have been kept for Karachi Infrastructure projects.
The Finance Minister said the tax exemption is being erased on the membership of the members, C pack plans will not allow a rupee to come down, in 30 years, we did not achieve any success, in the financial year 2018, the budget was 661 billion rupees, The budget for the current financial year has been Rs 725 billion. They said Damamer and Bhasha Dames will be built in 6 years. Asad Omar also announced withdrawal of petroleum development levy. He said that the Prime Minister, Ministers and Governors’ Alliance are finishing tax exemptions; the new financial bill has reduced tax on different fields.
To reduce pressure on the economy and increase revenue, the Government will present the budget in the National Budget (Finance Bill) today; the necessity is expected to increase duty on 500 items of, which is likely to be expensive for mobile phones, ACs, refrigerators and cigarettes. Finance bill will be approved by the cabinet before submitting to the parliament. The meeting of the National Assembly in this regard is 10:00 am while Senate’s meeting has been convened at 11 am this morning, Sources say that the government is currently facing strong economic pressure, now without wasting time, the former government wants to get the negative impact of the budget given in its last days and increase the revenue by investing in matters of affairs.
Sources said the regulatory and customs duties are likely to increase from 500 to 750 imported goods in the proposed proposed budget. Custom duty is likely to increase by 2 to 3 percent on different goods. Regulatory duty is likely to increase on cigarette and luxury goods. FBR sources say that tax tax on non-real estate and assets, raising tax on import of mobile phones, the duty of mobile phone to be upto 6%, the development budget decreases 140 billion rupees, it is proposed to cost cosmetics to allocate Rs 660 billion instead of development budget, increase duty on make-up equipment, cosmetics. Duty is likely to increase mobile phones and other devices. Apart from AC, refrigerator, deep freezer, LED equipment including LEDs is likely to be expensive.
