Mini budget to be presented shortly in parliament

ISLAMABAD: Finance Minister Asad Umar will be presenting the “mini budget” shortly in parliament, reported ARY News.

According to sources, suggestions for an increase and decrease in the customs and regulatory duty of many various goods has been recommended.

These goods include luxury items, mobile phones, luxurious cars as well as some machinery and raw materials imports.

The main purpose of the package is to create better conditions for investment in a struggling economy that is facing a balance of payments crisis.

According to sources, it has been suggested to increase the duties on imported goods and luxury items. Other items include mobile phones, shampoos, creams and cheese. “It has been recommended to abolish the withholding tax for tax filers whereas 0.6 percent tax on non-filers will remain intact.”

Sources added that, a recommendation has been made to increase the duty for cars above 100CC by 10 per cent. “The ban imposed on non-filers for not purchasing new cars might be removed as well. However, the ban placed on them for not purchasing new properties will remain intact.”

They also said suggestions pertaining to income tax relief per year have been recommended as well, adding that if the aforementioned recommendations are not approved in the mini budget then they will be presented in the yearly budget.