Abb Takk News

Federal Cabinet Approves Finance Bill

Islamabad (September 18, 2018): Federal Cabinet on Tuesday approved Finance Bill. The meeting was chaired by Prime Minister Imran Khan.

Finance Minister, Asad Umar briefed the cabinet about budget proposals.

The prices of around 5000 products are expected to increase as the federal government will present mini-budget today.The federal government has decided to impose regulatory duties on 150 luxury products and to fix the income tax ratio to the June 30 level is also under consideration in the new mini-budget which will be tabled today.

It is expected that new taxes, including super tax, worth Rs158 billion will be levied.

PTI’s focus is to curb imports while increasing the exports in a bid to lessen the trade deficit. For this reason, the government is mulling over reducing the age limit of imported jeeps to 3 years and for cars to 2 years, from 5 and 3 years respectively.The government is likely to cut down the federal development program through budget.

To counter the budget deficit conundrum, the government has proposed a cut in the federal Public Sector Development Programme from Rs140 billion from Rs800 billion to Rs660 billion along with new taxation measures.

The major customs duty proposal is to increase the additional customs duty by 1% on 5,200 imported product lines. Besides generating about Rs40 billion in taxes, the measure could cut the import bill by around $1 billion.National Assembly Passes Budget 2018-19Earlier on September 12, it was revealed that federal government would present mini-budget.

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Earlier on May 18, the National Assembly passed the Finance Bill 2018 giving legal cover to the budgetary proposals for the next financial year.

A number of proposals given by members during the debate on the budget and recommendations of the Senate were incorporated either fully or partially but the basic structure of the budget remained as announced by Finance Minister on 27th of last month.

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The new budget, which is for full year, envisages incentives and relief for industry, agriculture and different segments of the society.

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