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Budget 2018-19 summary , highlights in urdu pakistan

budget 2018-19 in urdu pakistan

The Finance Minister Asad Umar has the presented of the second mini-budget at National Assembly Pakistan. He said that it was more of a reforms bill than a finance bill and that the government wants to ease the pressure on the poor while increasing taxation on the rich.
Tax Exemptions

  • The Finance Minister announced to eliminate withholding tax on banks transactions for the filer to be encourage the tax paying culture.
  • The Finance Minister announced that products for renewable energy will also the exempted from the sales tax and the customs duty for next five years.
  • The With-holding tax on the trading in the stock exchange will also removed.
  • The Duty on import of the newsprint papers has been eliminated as well.
  • The government has also removed the tax on bids for sports franchises until they reach profitability.
  • All machinery in the special economic zones are exempted from all taxes.
  • New industries to be exempted from the income taxes for next five years.
  • From July 1st super tax will also eliminated for the nonbanking companies.
Reduction of Taxes
  • The government has proposed a decrease of 20% on income tax from loans to SME and agriculture sector.
  • Similarly, the government has cut the taxes on small marriage halls to just Rs. 5000 from Rs. 20,000.
  • Reduction on import duty on raw material announced.
  • Asad proposed to continue 1pc per annum reduction in corporate income tax.
  • Non-filers can now buy houses of up to Rs. 5 million after paying excessive taxes.
Auto Sector
  • Under the new finance bill & non-filers will now able to purchase vehicles of the up to 1300cc engine capacity after paying the higher tax. The Non-filers will be only allowed to buy vehicles that have been locally assembled & manufactured.
  • Tax increased for vehicles over 1800CC.
  • A decline of five percent on duty announced on diesel engines for agricultural purposes.
  • Regulatory duty is being removed on input materials (approximately 200 tariff lines) imported under SRO 655(I)/2006 dated 05.06.2006 that are used for manufacturing of auto parts by local vendors.
Telecom & Mobile Phones
  • Taxes on low priced phones have been decreased. Meanwhile, expensive phones will be taxed at a similar rate. However, the scheme has been simplified into three taxes and slabs.
  • Taxes on Imported Phones:
    • Rs. 150 Customs Duty on imported phones valued under $30.
    • Rs. 1,470 Customs Duty on imported mobile phones worth $30 to $100.
    • Rs. 1,870 Customs Duty on imported mobile phones worth $100 to $200.
    • Rs. 1,930 Customs Duty on imported mobile phones worth $200 to $350.
    • Rs. 6,000 Customs Duty on imported mobile phones worth $350 to $500.
    • Rs. 10,300 Customs Duty on imported mobile phones worth more than $500.
  • Customs Levy on Imported Phones:
    • No Levy on imported phones valued under $100.
    • Rs. 500 levy on imported mobile phones worth $100 to $200.
    • Rs. 1,500 levy on imported mobile phones worth $200 to $350.
    • Rs. 3,500 levy on imported mobile phones worth $350 to $500.
    • Rs. 7,000 levy on imported mobile phones worth more than $500.
  • Another slabbed tax has also been imposed on imported mobile phones:
    • Rs. 70 on imported phones valued under $30.
    • Rs. 730 on imported mobile phones worth $30 to $100.
    • Rs. 930 on imported mobile phones worth $100 to $200.
    • Rs. 970 on imported mobile phones worth $200 to $350.
    • Rs. 3,000 on imported mobile phones worth $350 to $500.
    • Rs. 5,200 on imported mobile phones worth more than $500.
Miscellaneous
  • Easy loans will be given to the low-income sector for housing. A revolving fund of Rs. 5 billion introduced for this purpose.
  • For the furthering ease of doing the business frequency of monthly withholding statements has been done away with and now business shall have been to file the biannual statements instead.
  • For the furthering ease of doing the business frequency of monthly withholding statements has been done away with and now business shall have been to file the biannual statements instead.
  • It is proposed to be allow the Non-resident Pakistanis holding the international passports can be purchase any motor vehicle and the immovable property without filing all the requirements.
  • Relief for cancer patients as the existing exemption in the Sixth Schedule of the Sales Tax Act, 1990, relating to ostomy procedures for cancer patients is restrictive and lacks clarity. The exemption is now being linked to ostomy related appliances and items listed under PCT heading 99.25.


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