INSUBCONTINENT EXCLUSIVE:
ISLAMABAD: Finance Minister Asad Umar presented mini-budget focusing on enhancing ease of doing commerce, simplifying procedures for setting
up commercees and undertaking investment.Finish Text Of Finance Supplementary (Second Amendment) Bill, 2019The government has proposed
reduction of taxes from 39 percent to 20 percent on small and medium enterprises, agricultural, and housing loans.He said withholding tax
for filers is being withdrawn, while non-filers can purchase cars upto 1300 CC
Asad Umar said tax on marriage corridors of 500 square feet shall be reduced from 20,000 to 5,000 rupees.Finance Minister presented the
Finance Supplementary (Second Amendment) Bill, 2019 approved by the Federal Cabinet earlier nowadays.He said it was much a mini-budget but
rather a set of economic reforms.The Finance Supplementary (Second Amendment Bill), 2019 has been laid before the National Assembly by
Finance Minister Asad Umar.It envisages degrees to boost manufacturing and exports, encourage low-cost housing and facilitate agricultural
financing to promote economic activities, Radio Pakistan reported.He said a revolving fund of Rs 5 billion shall be allocated to supply
interest free loans for the construction of small houses.Import duty on newsprint has also been abolished.Withholding tax on banking
transactions ( deposits/withdrawals) for income tax filers has been abolishedExemption on withholding tax on shares transactions.Withholding
tax on banking transactions ( deposits/withdrawals) for income tax filers has been abolishedExemption on withholding tax on shares
transactions.He said special economic zones shall be formed keeping in intellect the interest of CPEC
He also announced increase in tax for vehicles over 1800CC, while tax for low priced phones shall be cut however, it shall remain the same
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