Mini-Budget: Read full text of Finance Supplementary Bill 2019
Finance Minister Asad Umer presented mini-budget in National Assembly.
ISLAMABAD (Dunya News) - Finance Minister Asad Umer today (Wednesday) presented an economic reforms package envisaging revolutionary incentives and measures to encourage investment, exports, ease of doing business and strengthen important sectors of the national economy.
The reforms package was introduced through the Finance Supplementary (Second Amendment) Bill, 2019 before the National Assembly in Islamabad.
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The Finance Minister announced to reduce the tax for the small and medium enterprises sector from 39 percent to twenty percent to encourage business activity by low income investors especially the youth.
The finance minister also announced to cut interest rate at the agricultural loans from 39 percent to 20 percent to bolster the agriculture sector. He said the Agri-loans have already witnessed twenty-two percent boost during the PTI governments’ first six months.
Asad Umar also announced to reduce income tax on housing schemes for low income people from 39 percent to 20 percent to encourage housing sector under Prime Minister’s project for construction of five million Houses for the middle and lower middle classes of the society.
Touching upon the taxation sector, the Minister declared to abolish withholding tax on banking deposits and transactions for the filers. He said non-filers would now be allowed to purchase automobiles upto 1300cc. However, their tax rate will be enhanced to generate more revenue and encourage the people to become filers.
To promote ease of doing business, Asad Umar declared that the business community will now be required to file their statements about withholding tax only twice in a year from the previous practice of filling twelve statements in a year.
