Pakistan

The government presented the mini budget in the National Assembly, the noise of the opposition

The government presented the mini-budget in the National Assembly and during this time the opposition parties protested. After which Finance Minister Shaukat Tareen introduced the Supplementary Finance Bill 2021 (Money Budget) in the National Assembly.

The Speaker said that under Rule 122 of the Rules and Procedures of the National Assembly, the Bill would not be referred to the Finance Committee of the National Assembly.

Opposition groups called for a boycott of the rally.

Later, the National Assembly session was adjourned till 11 o’clock on Friday.

What’s in a mini budget?

The mini-budget proposes to increase sales tax on about 150 items which will generate additional revenue of over Rs. 350 billion.

The abolition of tax exemption on imported food items will impose an additional burden of Rs 215 billion. It is also proposed to withdraw General Sales Tax (GST) exemption on bakery items and branded food items.

Withdrawal of exemption on imported machinery for power sector, abolition of raw material practice exemption for manufacturing of medicines, withdrawal of exemption on import of pets, birds and eggs, tax on imported meat and poultry items. To eliminate the rebate, it is proposed to increase the advance tax on services of mobile phone companies from 10% to 15%. Income tax on mobile phones is proposed to be increased from 10% to 15%.

In addition, sales tax on vehicles larger than 850 cc is proposed to be 17%. For the first time, 17% sales tax has been proposed on duty free shops.

It is proposed to increase the tax on machinery related to poultry sector from 7% to 17%, while the tax rate on silver and gold is proposed to be increased from 1% to 17%.

The bill also proposes to tax computers and laptops.

In addition, bakery, restaurants, food chains are proposing 17% GST on bread preparation while tax exemption on bread and chapatti on ordinary ovens will be maintained.

 

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