PM Will Address Media on Federal Budget Today

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Pakistani Prime Minister, Mr. Shahid Khaqan Abbasi, will hold a cruicial press conference today. He will highlight different issues to energy crisis, tax amnesty, and other issues before the upcoming budget 2018-19. He will brief nation about his controversial meeting with Chief Justice of Pakistan, Mian Saqib Nisar and will also highlight the performance of the federal government.

Expected Announcements

According to sources, these announcements are expected from the Prime Minister.

  1. The cash that has been declared within Pakistan should be deposit in a bank along with the declaration of 5% tax payment.
  2. All entities with ongoing audit notices should clear all their past audits. They should also pay 10% of audit demand.
  3. All entities who received tax notices for previous years with demands outside proper audit notices should pay 5% of their demand and clear.
  4. Gift scheme will not apply on cars imports and anyone can import a car through a proper banking channel.
  5. Hidden assets or properties from government authorities within Pakistan should be declared at 5% tax.
  6. Foreign assets that will unable to bring to Pakistan should be declared at 5%.
  7. FBR will monitor the forex accounts present within Pakistan.
  8. Public should declare the source if their annual remittance exceeds $100K.
  9. Foreign assets that will bring back should be declare at lower percentages.
  10. NTN will be compulsory for the opening of forex account.
  11. Property transfer rules and regulations will be also changed from 1st July 2018. Property value will not be based on FBR rate or DC rate and anyone can declare their feasible value they want at the time of transfer.

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