ISLAMABAD: The mini-budget by the PTI government is expected to bringseveral reliefs and exemptions for the business community, it had beenrevealed.
Mini budget is expected to bring forth major relief in terms of downwardrevisions in four import slabs by 1% and eliminating regulatory duty on 150to 250 items via the forthcoming supplementary finance bill.
According to the top brass at the Federal Board of Revenue (FBR), themini-budget will see the proclamation of execution on five-year StrategicTrade Policy Framework (STPF) 2018-2019 to 2023-2024 in a segmented manner,reports *The News.*
This will see the customs duty being revised downwards by 1% in all fourslabs and the regulatory duty will be scrapped on at least 150 items, saidFBR officials.
The sources told that the government has decided to decrease and abolishregulatory duty on around 150 items against the suggested 250 items by theMinistry of Commerce for exempting RD on items linked to industriesincluding raw materials on electronics, engineering, chemicals and othersectors.
Moreover, it has been recommended that the slab of 21% be reduced to 20%,16% to 15%, 11% to 10% and 6% to 5% via the forthcoming finance bill.
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The government is going to provide an exemption of income tax for thebanking sector on providing loans for low-cost housing in the country viathe upcoming supplementary finance bill.
Also, sources said the rates of advance on sale and purchase of securitieshave been proposed to be decreased from 0.02% to 0.01% on the value of saleand purchase of shares considering during day trading only one sidecommission is being charged by the broker.
Moreover, this advance tax isn’t leviable on proprietary trades since theydo not grant any brokerage commission.
