Asad Umar, the Federal Minister of Finance, is set to introduce an economic reform package in his second mini-budget speech in the National Assembly this week.
The PTI-led federal government has intention to announce the mini-budget to put the economy of the country back on the track after securing over 14 billion dollars in financial assistance from the United Arab Emirates, Saudi Arabia, and China.
During the speech of the mini-budget, the federal minister will unveil the tax reforms, incentives to the stock market of the country and also announce the new initiatives to ensure the ease of doing business in Pakistan.
According to the details, Asad Umar is also expected to launch Pakistan diaspora bonds to raise 3 billion dollars of funds through the overseas Pakistanis to meet Pakistan’s financing requirements of up to 27 billion dollars in financial year 2018-19.
As per the information, the Pakistan Tehreek-e-Insaf-led federal government is expected to rationalize some taxes for the taxpayers of the country, bring down the income tax limits and increase the import tariff on the luxury items to bring down the current account deficit to 12 billion dollar by June 2019.
The details further said that the government of Pakistan is also finalizing an investment scheme for the overseas Pakistan, who are based in the Gulf region, to generate more than 1-1.5 billion dollars per annum.
Finance Minister Asad Umar may announce the details of the Overseas Pakistani Savings Certificates during his budget speech on Wednesday. According to the information, these certificates will be available in the foreign currency and Pakistan rupee for a tenure of three and five years with the monthly profit.
Finance Minister recently rejected the rumors that the mini-budget would be loaded with new taxes and said the revised finance bill will be focusing on the ease of doing business and steps to improve trade and industrialization of the country.