Finance Minister Asad Umar presented Finance Bill for 2019 focusing on enhancing ease of doing business, simplifying procedures for setting up businesses and undertaking investment. The government has proposed reduction of taxes from 39 percent to 20 percent on small and medium enterprises, agricultural, and housing loans.
He said in Finance Bill for 2019 withholding tax for filers is being withdrawn, while non-filers can purchase cars upto 1300 CC. Asad Umar said tax on marriage halls of 500 square feet will be reduced from 20,000 to 5,000 rupees. Finance Minister presented the Finance Supplementary (Second Amendment) Bill, 2019 approved by the Federal Cabinet earlier today.
He said it was not a mini-budget but rather a set of economic reforms. The Finance Supplementary (Second Amendment Bill), 2019 has been laid before the National Assembly by Finance Minister Asad Umar.
It envisages measures to boost manufacturing and exports encourage low-cost housing and facilitate agricultural financing to promote economic activities, Radio Pakistan reported. He said a revolving fund of Rs 5 billion will be allocated to provide interest free loans for the construction of small houses.
Import duty on newsprint has also been abolished. Withholding tax on banking transactions (deposits/withdrawals) for income tax filers has been abolished. Exemption on withholding tax on shares transactions.
In Finance Bill for 2019 withholding tax on banking transactions (deposits/withdrawals) for income tax filers has been abolished. Exemption on withholding tax on shares transactions. He said special economic zones will be formed keeping in mind the interest of CPEC.
He also announced increase in tax for vehicles over 1800CC, while tax for low priced phones will be cut however, it will remain the same for expensive phones.