Pakistan Tehreek-e-Insaf-led (PTI) government on Wednesday decided to present a mini budget on Tuesday 18th September, by amending Finance Bill 2018-19, which is likely to increase prices of more than 400 products.
The new mini budget will also be focusing on fixing the income tax ratio to the June 30 level.
There will be an increase in the additional customs duty by 1% on 5,200 imported product lines as a part of major customs duty proposal. The measure would not only reduce the import bill by around $1 billion but also generate about Rs40 billion in taxes.
The government is also considering reducing the age limit of imported cars from three years to two years and of jeeps from five years to three years in order to control imports
The Federal Board of Revenue (FBR) has proposed to impose new taxes of Rs300 billion as well as increase the income tax of the salaried class.
The former PML-N government had previously given tax assumption to those with an annual income of Rs1.2 million but now the PTI led government is considering imposing tax on those earning Rs400, 000 annually.
Furthermore, Commerce Minister of Pakistan has prepared trade line policy while the federal government is expected to formulate investment and new five year commerce policy.
The government also decided to cut down the federal development program through budget. Prime Minister Imran Khan will today preside over a meeting to reduce the Public Sector Development Programme (PSDP) budget.
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