Asad Umar presents ‘poor-friendly’ mini-budget in parliament

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ISLAMABAD: Finance Minister Asad Umar is about to present the mini-budget in the parliament, on Wednesday.

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  • Tax is being reduced on low-priced mobile phones, says the finance minister
  • Tax will be increased for vehicles over 1800cc
  • Corporate income tax will be reduced by one percent each year, he says
  • Government will not impose tax on those who bid on sports franchises
  • We are abolishing withholding tax on trades in the stock market, says finance minister
  • Stock Exchange’s index has increased by 3,000 points in the last two weeks, says Asad Umar
  • From July 1, super tax on non-banking companies will be abolished, says Asad Umar
  • Special economic zones have been established to help the CPEC
  • All investment that goes into renewable energy resources will be exempt from import duty, customs and sales tax
  • We want to promote investment by making it easy for investors to invest in Pakistan
  • Once businesses start earning money, then government will collect taxes from them, he says
  • Collecting tax on only investment is unjust, says Asad Umar
  • Pakistan’s exports are increasing and exporters are more confident now than ever before, he says
  • Tax on small wedding halls up to 500 square feet will be decreased to Rs5,000
  • To provide low-income housing, loans will be decreased to 20 per cent
  • Tax on income to SMEs will be 20 per cent
  • Agricultural tax will be dropped to 20 per cent
  • Import on duty for news print will be eliminated
  • Government believes a free and independent press industry is what is vital for democracy in Pakistan, says Asad Umar
  • A filer will not have to pay withholding tax on bank transactions, he says
  • Non-filer can buy a car up to 1300 cc vehicle, says Asad Umar
  • We are creating a Rs5 billion revolving fund, says Asad Umar
  • We need to build houses for the poor and are providing revenue for construction of these houses
  • More than two-thirds of the population is linked with agriculture. In the past six months, we have increased agricultural loans by 22%, he says
  • We need guidance of the opposition on investment, agriculture and industrial progress, says Asad Umar
  • Previous governments made serious blunders but we want the current opposition members to give us reliable feedback
  • We will have to reform the economy in a way that no other government after us will have to go to the IMF, he says
  • We will take measures that enhance and increase investment in Pakistan, he says
  • PTI government will be elected again on the basis of its performance and won’t have to ‘buy’ these elections as has been the case in the past, says Asad Umar
  • After five years, by 2022-2023, we will bring down the current deficit, he says
  • “Wish these people would’ve shouted ‘shame shame and liar’ when the economy was being destroyed by previous governments,” says Asad Umar
  • Members of the opposition chant slogans and boo the finance minister as he stands up to deliver his speech

Earlier, Prime Minister Khan had summoned a special session of the federal cabinet to discuss the recommendations of the mini-budget and also discussed a strategy on how to counter a possible protest from opposition members on the mini-budget.

Prime Minister Imran Khan has endorsed the ‘economic stabilisation programme’.

 

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