Monday, June 27, 2022

What will get costlier after mini-budget?

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ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI)-led federal government on Thursday tabled Finance (Supplementary) Bill 2021 — or the mini-budget in the National Assembly for approval.

The Finance (Supplementary) Bill 2021 was tabled by Federal Finance Minister Shaukat Tarin in the lower house amid protest by the opposition members.

Addressing a news conference flanked by Minister of State for Information and Broadcasting Farrukh Habib, the finance minister said that tax exemptions worth just Rs2 billion will be reviewed under the finance bill.

Sharing further details about the mini-budget, the finance minister was of the view that taxes would be imposed on computers, vehicles, imported food items, smartphones and other items under supplementary finance bill.

What becomes costlier after mini-budget

A copy of the supplementary finance bill, available with ARY News, reveals that the mini-budget will increase or introduce taxes on smartphones, imported items, personal computers, and vehicles.

Jewellery

The bill proposes to impose a 17% tax on jewellery made of gold, silver or other precious metals.

Grocery stores

The finance bill proposes to increase tax on grocery store owners from 10% to 17%.

Smartphones

The bill proposes to impose a 17% additional tax on imported mobile phones.

Phone calls

The bill also proposed to increase income tax on phone calls to 15%.

Computers

Under the supplementary finance bill, additional tax would be imposed on imported personal computers, laptops, and notes books

The document, however, says that tax would not be increased on locally manufactured computers, laptops.

Electric vehicles

Similarly, the tax on the imported Electric Vehicles parts proposed to increase by 17% from 5%. The tax rate for electric tractors, rickshaws, three-wheelers, and electric motorcycles would stay at 1%.

Tax on cars up to 1000cc engine capacity

The federal excise duty on vehicles up to 1000 cc has been proposed to increase by 17%.

Stationery

The tax on textbooks and stationery items remains unchanged, according to finance bill.

Imported food items

The government has abolished Rs215 tax exemptions on imported food items. There is a proposal to impose 10% tax on flour mills. The tax would also be imposed on bakeries, restaurants and fast-food chains.

Read More: COMMON MAN TO SHOULDER RS2BN BURDEN: TARIN ON MINI-BUDGET

Similarly, 10% tax was proposed on imported vegetables, 17% tax on duty-free shops. A tax increase was also imposed on makeup items.

Foreign TV dramas

The mini-budget levies advanced tax on foreign TV serials and dramas.

The finance bill also proposed to exempt tax on imported machinery of power sectors. 17% tax proposed on flavored milk.

Copy of finance bill

Treasury, opposition face off in NA

Amid a noisy session of the National Assembly due to protesting opposition lawmakers, a Pakistan People’s Party (PPP) legislator Shagufta Jumani slapped Pakistan Tehreek-e-Insaf (PTI) MNA Ghazala Saifi before the speaker’s dice.

As the mini-budget tabled in NA, the opposition lawmakers came face-to-face to the government legislators to stop the proceedings of the Lower House.

mini-budget shagufta jumani ghazala saifi slap na session

The opposition lawmakers besieged the speaker’s dice during the NA session to disrupt the assembly’s proceedings for the mini-budget. A PPP lawmaker Shagufta Jumani slapped PTI MNA Ghazala Saifi after they exchanged harsh words during the NA session.

The treasury and opposition lawmakers were seen pushing each other during the NA speeches.

Shehbaz, Bilawal’s absence

Leader of the Opposition in the National Assembly Shehbaz Sharif and Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari remained absent from today’s all-important parliament session.

Earlier today, the federal cabinet headed by Prime Minister Imran Khan had approved Finance Amendment Bill 2021, paving way for a mini-budget.

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