ISLAMABAD, Pakistan: The Finance Minister Asad Umar on Wednesday laid The Finance Supplementary (Second Amendment Bill) 2019 before the National Assembly in Islamabad, envisaging measures to boost manufacturing and exports, encourage low-cost housing and facilitate agricultural financing to promote economic activities.
While presenting the Finance Supplementary (Second Amendment) Bill 2019, Asad Umar said that it also focuses on enhancing ease of doing business, simplifying procedures for setting up businesses and undertaking investment.
The minister said that the government has proposed reduction of taxes from 39 percent to 20 percent on small and medium enterprises (SMEs), agricultural, and housing loans. He said that small businesses is exempted from submitting withholding tax returns every month and it will be done only twice a year.
The finance minister said that a revolving fund of Rs five billion will be allocated to provide interest free loans for the construction of small houses.
Asad Umar also announced to reduce income tax on housing schemes for low income people from 39 percent to 20 percent to encourage housing sector under Prime Minister’s Project for construction of five million Houses for the middle and lower middle classes of the society.
The minister said that ban on purchase of vehicles for non-filers will be lifted for cars up to 1300CC capacity but higher taxes will be applied. He said that taxes on cars with engine capacity of 1800CC and above will be increased. He said that withholding tax for filers is being withdrawn while non-filers can purchase cars upto 1300 CC.
اقتصادی اورمعاشی اصلاحات کاپیکج قومی اسمبلی میں پیش۔۔۔نئی صنعتوں پر5سال تک ٹیکس کی چھوٹ۔۔۔زرعی قرضوں پر سود39فیصد سے کم کر کے 20فیصدپرلارہےہیں۔@Asad_Umar pic.twitter.com/R3PhqZ5gOj
— PTV News (@PTVNewsOfficial) January 23, 2019
فائلرزکےلیےبنکنگ ٹرانزیکشن پرودہولڈنگ ٹیکس فوری ختم کرنےکااعلان۔۔کاروباری حضرات ماہانہ کی بجائے سال میں 2بارود ہولڈنگ ٹیکس سٹیٹمنٹ جمع کرائیں گے ۔۔5ارب روپے سےقرض حسنہ کی سکیم کااعلان۔۔۔وزیرخزانہ @Asad_Umar pic.twitter.com/DpYflhMu8c
— PTV News (@PTVNewsOfficial) January 23, 2019
Asad Umar said that tax on marriage halls of 500 square feet in Islamabad will be reduced from Rs 20,000 to Rs 5,000.
Moreover, he said that import duty on news print is being abolished.
The finance minister said that investment in solar panels and wind turbines will be exempted from duties and taxation for five years. He said that Gas Infrastructure Development Cess will be removed from fertilizer production.
Earlier a Special Meeting of Federal Cabinet with Prime Minister Imran Khan in the Chair approved the Finance Supplementary (Second Amendment) Bill 2019.
