Thursday 28 March 2019

Key Points of the Budget

Key Points of the Budget
  • Rs. 92 billion will be recovered through the use of modern technology and not increasing the taxes on individuals
  • Non-filers can buy property now but on a higher (registration ) rate
  • 20% duty on 1800cc cars
  • Ratio of income tax maintained on salaried persons getting up to Rs.200,000 per month
  • For income more than 2400000, 29% highest tax rate for non-salaried and 25% for salaried
  • For PM, Ministers and Governors, exemptions from tax ( on housing allowance, Conveyance and some other allowances ) withdrawn
  • CPEC will be the government’s priority
  • 50 billion for the development of infrastructure of Karachi (public private partnership projects)
  • Total development funding 725 billion in 2018
  • Petroleum development levy which was increased from Rs189 billion to Rs300 billion,  will be capped at 189 billion, on the earlier level
  • 8276 houses to be built for the laborers, 4.5 billion allocated
  • Fiscal adjustment made @2.1%
  • Total revenue target of FBR 4390 billion (Hammad Azhar Mos Revenue)
  • Super tax maintained
  • Tax on cigarettes increased from Rs. 1 to Rs10 per pack
  • Withholding tax on banking transactions for non-filers to be maintained
  • Sehat card to be issued soon in Islamabad and Punjab.

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