Sunday, August 14, 2022

Economic package to promote industrialisation, foreign investment: minister

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KARACHI: Minister for Maritime Affairs Syed Ali Haider Zaidi on Sunday said that the economic package announced by the federal government will promote the culture of industrialization in the country and bring more foreign investment.

“The package will boost the national economy and create more job opportunities,” he said while talking to a local channel.

Syed Ali Haider Zaidi said the government was taking practical steps to further strengthen the national economy, besides ensuring the basic facilities of life to the people at their doorsteps.

To a query, the minister said that the Gwadar Port was the future of Pakistan and the China Pakistan Economic Corridor will prove to be a game-changer for the entire region.

Read More: ‘Mini-budget’: Here’s how revised taxation may affect you

He said the Pakistan Tehreek-e-Insaf government was working on a plan to connect the Karachi Port and Port Qasim through a 40-kilometre corridor, which will enhance their capacities to smoothen handling of cargo ships.

Shortly after Finance Minister Asad Umar presented the Finance Supplementary Bill (Second Amendment) 2019, or ‘mini-budget’ in the National Assembly, Federal Board of Revenue (FBR) officials broke down the speech for general public on Wednesday.

“Three different taxes on cell phones have been clubbed into one. Now combined tax will be imposed on import of mobile phone sets,” the FBR officials said in a press briefing regarding imposition of taxes under the third finance bill.

The FBR officials said Rs400 tax will be imposed on cell phone worth Rs10,000; Rs4,000 tax will be imposed on phone set worth 28,000; Rs6,000 will be imposed on phone set worth Rs60,000; Rs8,000 on phone set worth Rs105,000; Rs23,000 on mobile phone worth Rs150,000; and Rs41,000 on phone set worth more than Rs150,000.

However, the FBR said, no tax will be charged on prepaid mobile phone cards, which meant that the customer will get Rs100 balance on Rs100 top-up.

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