ISLAMABAD: National Assembly has passed the Finance Bill 2018-19. This bill will give legal power to the budget proposals for the next fiscal year.
The proposals given by National Assembly members on the budget have been incorporated in the bill. The basic structure, however; of the budget remains as announced by Miftah Ismail on April 27.
The new budget is for the full fiscal year, even though opposition parties have been against this move. The budget will encompass relief for industrial, agricultural and public sectors.
Finance Minister, Miftah Ismail said that non-tax filers cannot keep dollar accounts. He added that there are no restriction on overseas Pakistani people who send remittance to the country. But the overseas Pakistanis who send more than $0.1 million, must declare their source of income.
Finance Minister said that some welfare organisations have been given tax exemption. PPP leader Dr Azra Pechuho asked why all welfare organisations not been given tax exemption. Ismail responded that FBR has the right to decide the welfare organisation that it will give exemption to.