Salient Features Of PTI’s Mini-Budget and Reaction To It
Finance Minister Asad Umar on Wednesday presented the second mini-budget of the party’s first five months as the ruling government.
The mini-budget, otherwise the Finance Supplementary (Second Amendment) Bill of 2019, aims to cater the needs of the general public, Asad said while speaking during the National Assembly session.
The finance minister told the house that the major challenge was to deal with the balance of payment crisis and that PTI was seeking help of friend countries to try and find solutions.
Here are some of the Salient Features of the mini-budget
- Taxes applied on income generated via loans granted to small businesses, agriculture and low-income houses will be reduced to 20%. Previously, the percentage was 39.
- Introduction of Rs5billion revolving credit that would be interest free (qarz-e-husna)
- Rs20,000 fixed tax imposed on marriage halls across country reduced to Rs5,000
- Pilot Scheme will be introduced in Islamabad to facilitate traders
- Super tax on non-banking companies to be reduced from July 1, 2019
- Duty on diesel engines for agricultural applications will be downed to 5%. Currently, the tax percentage is 17%.
- Taxes on budget mobile phones will be reduced, while taxes on high-end phones will increase and they are expected to become more expensive
- Continuation of 1pc per annum reduction in corporate income tax
Here is what people think about the mini-budget
‘After a long time, the speech of FM Asad Umar is making me smile’
After a long time the speech of finance minister @Asad_Umar is making me smile at least he gave some relief to middle class,small traders and newspapers
— Hamid Mir (@HamidMirPAK) January 23, 2019
‘Splendid and Superb budget’
Mini-budget announced yesterday and it gives me an immense pleasure to say that it is a splendid and superb Budget. Its impacts will be far reaching in revival of economic. It has been welcomed by the masses. You should not pay any heed to your opponents.
— G M Chhotani (@gmchhota) January 24, 2019
‘Yesterday’s budget by Asad Umar and PTI government especially tax concessions are a welcome move’
Yesterday's budget by Asad Umar and PTI government especially tax concessions are a welcome move. Hope these will result in increased economic activity and employment generation.
— Waseem Abbasi (@Wabbasi007) January 24, 2019
However, not everyone seems pleased with PTI’s budgetary.
‘A bizarre moment’
This mini budget is a bizarre moment. For a govt that is even talking about going to the IMF for emergency support to be doling out lollipops to the owners and controllers of big capital is truly a dissonant sight to behold.
— Khurram Husain (@KhurramHusain) January 24, 2019
‘Any guess about the beneficiaries by the squeaky clean PTI Sarkaar?’
— Murtaza Solangi (@murtazasolangi) January 24, 2019
‘A mini budget that protects the rich both within and outside Pakistan, continues to rely on the middle classes, and increases the debt’
A mini budget that protects the rich both within and outside Pakistan, continues to rely on the middle classes, and increases the debt. Great! 🙄 https://t.co/BGkzQOB2sE
— Nida Kirmani (@nidkirm) January 24, 2019
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