mini-budget

Asad Umar—the Finance Minister on Saturday made the announcement that the government would be presenting the mini-budget on the 23rd of January.

The budget was earlier planned to be presented on the 21st of January however was delayed as the PM—Imran Khan would be travelling, as informed by Asad Umar during a meeting with the industrialists at the Chamber of Commerce—Karachi.

He added that the tax anomalies would also be removed in the mini-budget and further said that any changes in the tax policy would be made after the consent and approval of the parliament.

While conversing to the media Asad Umar said that the private sector in the 21st century runs the economy, thus decisions need to prioritise.

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He added unless a favourable environment is created for the private investors, they would not invest after a certain limit no matter how much patriotic they are.

He also said that the government of Pakistan Tehreek-e-Insaf is the only political party which indicates on the ease of doing business in its manifesto. On a monthly basis a meeting is called by the Prime Minister for discussing the ease of doing business.

The finance minister stated that savings and investments are at the lowest in the country, and hence min-budget would be focused on taking steps for lowering the consumption and at increasing the investment.

This would be second such budget that the PTI government would be introducing since it has gotten into power on the 28th of July general elections.

The major suggestions included in the mini-budget are:

-to withdraw the decision of government to hike the petroleum development tax
-Giving relief to the export industry of Rs5 billion
-Increase in pension to Rs10,000
-Increase on mobile phone duty on expensive mobile phones
-Duty on 1800cc and above automobile at 20 per cent
-Surge in WHT on the banking transactions for the non-filers to 0.6 per cent
-Introduction of health cards

More Read: Export Parcel Service Launched by Pakistan Post

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