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Budget 2018-19: Federal Cabinet Meeting Underway

Islamabad (April 27, 2018): The special meeting of the federal cabinet under the chair of Prime Minister Shahid Khaqan Abbasi is underway in Islamabad to approve the Federal Budget 2018-19.

As per details, the meeting would take a final decision pertaining to salaries of the government employees and taxes to be imposed for the next fiscal year. The Minister for Finance Miftah Ismail would table the budget in the National Assembly soon after the meeting.

Earlier in the day, Economic Coordination Committee meeting chaired by Prime Minister Shahid Khaqan Abbasi in Islamabad, approved the package to attract investment in the sector.

Landmark incentive package for setting up new state-of-the-art Deep Conversion Oil Refinery Projects was also approved by the ECC.

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It would be applicable to expansion of existing refineries of minimum 100,000 barrels per day capacity, beside PARCO Coastal Refinery Project.

The incentive package includes 20 years income tax holiday, exemption from all duties, taxes, surcharges and levies on import, by the Refinery Project.

It also includes exemption from withholding tax and all other duties, taxes, surcharges, levies and import relating to foreign contractors and subcontractors and their personnel.

Similarly, sales tax and excise duty on supply of locally manufactured building and construction of material, equipment and service for setting up of Refinery would also be exempted.     New Refinery projects would be given a pricing mechanism which would be no less favorable than the prevailing mechanism.

The package also grants waiver to applicable Development Surcharge on the value of exports in case Refinery Project is set up in Export Processing Zone.

This decision will facilitate establishment of new state-of-the-art refineries in any part of the country Pakistan.Yesterday, the Economic Coordination Committee of the Cabinet (ECC) approved 1.733 billion rupee Ramzan Relief Package for 19 daily use items provided by the Utility Stores Corporation.

Meanwhile, the opposition parties in National Assembly have decided to lodge a strong protest during the budget session today.

The protest has been planned as opposition parties, including both the major political parties, Pakistan Peoples Party and Pakistan Tehreek-e-Insaf believe that the outgoing government of Pakistan Muslim League-Nawaz has no justification for presenting budget for the whole year.The opposition would also protest the budget presentation by PML-N during Senate session.

According to the opposition, the incumbent government should instead present the budget for four months, till the next government takes over after the general elections.

The incumbent government is expected to conclude its five-year term on May 31, after which the caretaker government will take over to hold the general elections – expected to be scheduled in the last week of July.

Related  News:

ECC Approves Package For Setting up Oil Refinery Projects

Opposition To Record Strong Protest in Budget Session Today