Salient Features Of PTI's Mini-Budget and Reaction To It

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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’

‘Splendid and Superb budget’

‘Yesterday’s budget by Asad Umar and PTI government especially tax concessions are a welcome move’

However, not everyone seems pleased with PTI’s budgetary.

‘A bizarre moment’

‘Any guess about the beneficiaries by the squeaky clean PTI Sarkaar?’

‘A mini budget that protects the rich both within and outside Pakistan, continues to rely on the middle classes, and increases the debt’

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