The government on Tuesday has presented suggestions proposed in the supplementary Finance Bill 2018 as the Federal Minister for Finance and Revenue Asad Umar brought the Bill before the House for open discussion and recommendations.
The suggestions proposed by the federal government in Finance Bill, 2018 are;
-Federal development programme cut by Rs250 billion to Rs725 billion
-Budget deficit to be brought down to 5.1 per cent
-Increased federal excise duty on imports of luxury vehicles and duties on ‘expensive’ cell phones
-Tax relief revoked from salaried persons earning more than Rs200,000 per month
-Tax rate in highest income tax slab raised from 15pc to 30pc
-Customs duty increased on more than 5,000 ‘luxury’ items
-Regulatory duty increased on the import of more than 900 items,
-Rate of withholding tax on banking transactions for non-tax filers also increased to 0.6pc
-Issuance of Insaf Sehat Cards approved for former Federally Administered Tribal Areas (FATA) and Islamabad Capital Territory (ICT)
-The government withdraws its decision to increase petroleum development levy
-Rs 5 billion relief provided to export industry
-Minimum pension increased to Rs10,000
-Duty on expensive mobile phones to be increased
-Duty on 1800cc and above vehicles set at 20 per cent
-Withholding Tax (WHT) on banking transactions for non-filers increased to 0.6 per cent
-Health card system will be introduced across Pakistan
-Non-filer will be able to buy vehicles, property,
-Tax on tobacco to be increased as well.