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20 percent on small and medium enterprises, agricultural, and housing loans.He said withholding tax for filers is being withdrawn, while non-filers can purchase cars upto 1300 CC.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 for expensive phones.
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