PTI leader and Finance Minister Asad Umar revealed the Mini Budget 2019 details on Wednesday (yesterday).
Mini Budget 2019 details are now revealed. Here are the salient features, key points, and summary of the Finance Supplementary Second Amendment bill 2019.
Mini Budget 2019 Summary
- Withholding tax on trading in the stock exchange to be removed.
- Withholding tax for filers on banking transactions will be eliminated to encourage the culture of paying taxes.
- To provide low-income housing, Rs5 billion revolving fund for interest-free loans (qarz-i-husna) to be introduced.
- Tax will be increased for vehicles over 1800CC
- Tax on agricultural loans to be reduced from 39% to 20%
- Tax has been decreased to Rs5000 for small wedding halls up to 500 square feet.
- Tax for low priced phones will be decreased, will remain the same for expensive phones.
- Scheme to be introduced of promissory notes for exporters. Any exporter will be able to take loans from banks on these notes.
- Pilot scheme to be introduced in Islamabad to facilitate traders in filing and paying taxes.
- Non-filers will be able to purchase small and mid-size cars up to 1300CC, but the tax would be increased.
- No tax on bids for sports franchises until profitability.
- No Gas Infrastructure Development Cess on fertilizer production
- In upcoming 5 years, people or organizations working to manufacture renewable energy products will be exempted from customs duty and sales tax. Investment in solar panels, wind turbines will be also exempted from taxation and duties for 5 years.
- From July 1 super tax will be eliminated for non-banking companies.
- Duty on import of newsprint eliminated.
- Duty on diesel engines for agricultural purposes decreased to five per cent.
- Continuation of 1% per year reduction in corporate income tax.