ISLAMABAD – PTI government is all set to present a mini budget in Pakistanwith focus on import cut measures.
The prices of more than 400 products are expected to increase as PakistanTehreek-e-Insaf-led (PTI) government on Wednesday decided to present minibudget on Friday by amending Finance Bill 2018-19.
The federal government has decided to impose regulatory duties on 150luxury products and to fix the income tax ratio to the June 30 level isalso under consideration in new mini budget which will be tabled on Friday.
The government also decided to cut down the federal development programthrough budget. Prime Minister Imran Khan will today preside over a meetingto slash the Public Sector Development Programme (PSDP) budget. The meetingis expected to take decisions in this regard.
The major customs duty proposal is to increase the additional customs dutyby 1% on 5,200 imported product lines. Besides generating about Rs40billion in taxes, the measure could cut the import bill by around $1billion.
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In order to curb imports, the government also considered reducing the agelimit of imported cars from three years to two years and of jeeps from fiveyears to three years.
The Federal Board of Revenue (FBR) has suggested to impose new taxes ofRs300 billion and also proposed to increase the income tax of the salariedclass.
The previous PML-N government had given tax assumption to those with anannual income of Rs1.2 million but now the government is consideringimposing tax on those earning Rs400,000 annually.
