ISLAMABAD - The government would get the Finance Supplementary (Second Amendment) Bill, 2019 passed by the National Assembly in its next session after getting the Senate recommendations on the mini-budget.

The government side would give the gap of fourteen days (from the day Finance Supplementary (Second Amendment) Bill) introduced in the National Assembly to pass the mini-budget from the lower house of parliament, parliamentary sources told The Nation.

The opposition side would initiate debate on this mini-budget in the next National Assembly session, which is likely to be presented by the second week of February. The debate on the budget would continue for around a week.

The government the other day (Wednesday) introduced the Finance Supplementary (Second Amendment) Bill, 2019 amid a strong protest from the opposition side. This was the third money bill during the ongoing fiscal year.

Finance Minister Asad Umar the other day (Wednesday) had presented Finance Supplementary (Second Amendment) Bill, 2019.

The government termed the mini budget a package of investment and export promotion measures for industrial revival which addresses all the key challenges facing the economy.

The government, in its second mini budget, had provided relief to print media industry, small and medium enterprises (SME), agriculture, housing, industry and boosting stock market. The tax rate was being reduced from 39 percent to 20 percent for income of banks arising out of additional SME financing, agricultural financing and low cost housing. The government had also announced to establish Rs5 billion- revolving fund for interest free loans to provide low-income housing. The government had reduced the tax on wedding halls up to 500 square feet to Rs5000 from existing Rs20,000 in order to facilitate the poor segment of the society

The government had targeted expensive mobile phones and luxury cars for taxation. The government had also allowed the non-taxpayers to purchase vehicles up to 1300cc, besides, announced to withdraw withholding tax on banking deposits and transactions for the filers in order to encourage them. The government has increased the Federal Excise Duty (FED) on imported cars and jeeps of engine capacity exceeding 1800cc to 25 percent from existing 20 percent. Meanwhile, the FED on imported cars and jeeps of engine capacity exceeding 3000cc has enhanced to 30 percent. Furthermore, it has proposed to levy Excise Duty of 10 percent on locally manufactured/assembled cars and SUVs etc with engine capacity exceeding 1800cc.

The government has resolved the exporters tax refunds, which had surged to Rs200 billion. Any exporter will be able to take loans from banks on these notes, according to the budget.