Finance Minister Asad Umar presents finance bill in National Assembly

By News Editor Last updated Jan 24, 2019 69

ISLAMABAD (January 23, 2019): Federal Finance Minister ‘Asad Umar’ presented the “Finance Supplementary Second Amendment bill 2019” in the National Assembly today.

The finance minister termed it a set of economic reforms.

Withholding tax for filers on banking transactions will be eliminated to encourage the culture of paying taxes.
Non-filers will be able to purchase small and mid-size cars up to 1300CC, but the tax would be increased.
Tax has been decreased to Rs5000 for small wedding halls up to 500 square feet.
Pilot scheme to be introduced in Islamabad to facilitate traders in filing and paying taxes.
Duty on import of newsprint eliminated.
No tax on bids for sports franchises until profitability. (to support Jahangir Tareen’s son as per sources)
Scheme to be introduced of promissory notes for exporters. Any exporter will be able to take loans from banks on these notes.
From July 1 super tax will be eliminated for non-banking companies.
Continuation of 1pc per annum reduction in corporate income tax.
Withholding tax on trading in the stock exchange to be removed.
Tax will be increased for vehicles over 1800CC
Tax for low priced phones will be decreased, will remain the same for expensive phones.
Duty on diesel engines for agricultural purposes decreased to five per cent.
No Gas Infrastructure Development Cess on fertiliser production
Tax on agricultural loans to be reduced from 39% to 20%
To provide low-income housing, Rs5 billion revolving fund for interest-free loans (qarz-i-husna) to be introduced.
In the next five years, those working to manufacture renewable energy products will be exempt from sales tax and customs duty. Investment in solar panels, wind turbines exempt from duties and taxation.