Mini budget Bomb: Govt to impose new taxes of Rs400bn
Video     Photos     Pakistan     World     Islam     Health     Crime     Islamic News     Business     Society     India     Travel     Middle East     Sport     sci/tech      Contact      RSS
Search

The real reason Pakistan keeps losing to India at cricket

Opposition Senator concerned over pro-Saudi foreign policy of Pakistan

Parachinar under threat from terrorists: Hussaini Movement leader

Where is Maryam Nawaz?

Punjab govt to launch ‘soft loan’ scheme for youth

Beating the war drums: Bipin threatens another surgical strike

Ahvaaz attack: The US and Arabs proxy war against Iran

‘Cooperate actively’ with Iran in tackling terrorism, UNSC President Nikki Haley says in a statement

Rising waters wash away vehicles as floods continue in North of India

Daesh’s Al-Baghdadi escapes to Afghanistan

Teenage girl, boyfriend beheaded by father and uncle in Attock village

'Confidence crisis' behind Pakistan's problems, Arthur admits

Why all 9 education policies failed in Pakistan?

No financial assistance sought from S Arabia, UAE: Qureshi

Imran Khan! Can he be Pakistan’s Nehru?

Pak Overtures vs Indian Belligerence: Is war coming?

US admits Pakistan army conducted operation against Taliban safe havens

Iran summons UAE envoy over 'idiotic' remarks

Ton-up Rohit and Dhawan crush Pakistan in Asia Cup

PM’s tweet: An end of Indian appeasement?

There is silver lining to yesterday’s attack on Iran’s revolutionary guards

Who owns the three-Avenfield flats? A fictional court answers

Modi faces calls for resignation over French jet deal

We are ready for war, but choose to walk path of peace: Pakistan Army

Ahvaz parade attack terrorists trained in two Persian Gulf littoral states

UAE completes withdrawal of troops from Yemen’s Mahrah province: Report

Iran vows 'crushing response' after gunmen kill 29 at army parade

Why is New Delhi hesitant to hold talks with Pakistan?

Pledge of allegiance

IHK authorities imposed restrictions against Muharram processions+Photos

Dilemma of Sharifs

A stunning statement : Pakistan calls out Trump's ignorance on US role in destabilising ME

Pakistan beat Afghanistan in nail-biting Asia Cup encounter

National Testing Service to be Run by The Government

Saudi Arabia bans 300,000 Palestinians from Makkah

PHOTOS: THE 29TH ANNUAL ASHURA DAY PROCESSION HELD IN LONDON

Ashura in Pakistan sees ocean of mourners on roads in love of Imam Hussain

Pakistan, Saudi Arabia strike $10 billion deal, claims PTI leader Usman Dar

Youm-e-Ashur being observed countrywide today

Sharifs will be offered neither deal nor concession: minister

Can Pakistan resolve Yemen conflict?

Bahraini regime forces detain another Shia cleric amid Muharram crackdown

Nasrallah: Hezbollah in possession of precision rockets to Israel’s dismay

Muharram & Karbala: The Martyrdom Anniversary of Imam Husayn(A.S.)

Saudi Arabia invited to become third strategic partner in CPEC: Fawad Chaudhry

Bannon: Saudi, Egypt, UAE prepared to occupy Qatar

Talks again: Positive overtures between Modi and Khan

Shafaqna Exclusive: The deal behind Nawaz Sharif's release

Religious affairs minister discusses treatment of Xinjiang Muslims with Chinese envoy

US envoy says Washington seeks a treaty with Iran

'Saudis gave MKO gold, Rolex watches worth hundreds of millions of dollars'

India outclass Pakistan in one-sided Asia Cup affair

What happens next after IHC orders Nawaz Sharif's release?

Sentences of Nawaz Sharif, Maryam Nawaz, Capt Safdar suspended

CJP takes notice of 10-year-old Amal’s death in Karachi

Is Saudia paying $2bn for Nawaz Sharif's safe passage?

The Man Behind Imran Khan

Video: Who Hussain is and why Shia Muslims mourn for him?

Lives of hundreds of thousands of Yemeni children hang in balance

Why IMF looks unavoidable?

Sarfraz, Rohit promise blockbuster India-Pakistan clash

ICC launches investigation into Myanmar’s crimes against Rohingya Muslims

Afghanistan arrests over two dozen Daesh terrorists ahead of Ashura

Motives behind Saudi largesse: Is Bin Salman wooing Imran Khan with Petr-dollars?

Azadars under attack by terrorists in Ratto Dero Larkana

Sarfraz bats for Indo-Pak series on home soil

Farhan Junejo, close aide of late PPP leader, reportedly arrested in UK

Democrats planning to stop Trump’s military support for Saudi war on Yemen

Can India and Pakistan cooperate on water?

CTD Punjab ‘breaks’ TTP, Hizbul Ahrar network

Pakistan's Imran Khan vows to give citizenship to some Afghans, Bengalis

NATO warships moving closer to Syria shores amid looming US airstrikes: Report

29th Annual Ashura Day Procession in London to be held on Thursday

Number of prisoners of conscience in Saudi Arabia increases to 2,613

US always has a political bias against Muslims, says Minister Shireen Mazari

Pakistan Embassy commemorates Defence Day in Tehran

Run out/match ratio: Pakistan remains best fielding side in ODIs in last two years

Pakistan, UK reach agreement on repatriation of 'looted wealth'

Manzoor Pashteen, PTM leader – declared a proclaimed offender

China struggles with Belt and Road pushback

PPP warns of strong ‘resistance’ if Kalabagh dam project is revived

Yemeni forces shoot down Saudi spy drone in Jizan

Iran says Saudis, UAE turned OPEC into “tool” for US

Pakistani Student Wins Award for Improving LTE & 5G Wireless Systems

Outlawed Sipah-e-Sahaba threatens shopkeepers over Nohas in Hub city

A massive paradigm shift: US envoy claims Pakistan ready to open Afghan land route for India: US envoy

South Asia Cup: Pakistan takes on Hong Kong today

Indian army has crossed all limits of cruelty in Indian Occupied Kashmir

Mismatch between Imran Khan’s words and Punjab govt’s deeds!

New laws: Opposing Dam can be treason in Pakistan

A proactive foreign policy: Can Pakistan replace India in Afghanistan?

Iran envoy: World should take MI6's Syria plot seriously

Syrian military downs Israeli missiles fired at Damascus airport

Freedom of speech and blasphemous caricatures

Iran envoy speaks at National Defense University on Pak-Iran strategic cooperation

Malik Riaz of Bahria Town extends sincere apologies to Shia Muslims

UK legislators’ team rejects plea for Ishaq Dar’s deportation

Turkey pledges to support Pakistan on Kashmir at UN

Medical, dental colleges’ entry test on September 23

Bilateralism between India and Pakistan

2018-09-13 12:42:26

Mini budget Bomb: Govt to impose new taxes of Rs400bn

he National Power Regulatory Authority (Nepra) has suggested an increase in power tariff by Rs4 per unit in a summary forwarded to the power division on Wednesday.

However, the final decision pertaining to the increase rests with the Ministry of Water, Power and Energy and a notification will be issued in this regard. The summary also include arrears to be collected from customers amounting to Rs18 billion.

Meanwhile, the Pakistan Tehreek-e-Insaf (PTI) government decided to impose new taxes to the tune of Rs400 billion in the mini-budget to be presented in the National Assembly on Friday. It was decided to bring down the taxable ceiling from Rs12,00,000 to Rs8,00,000 and the import duty on luxury items would also be increased.

The government would slash expenditures and revise all macroeconomic targets for the fiscal year 2018-19 in the mini-budget. The approval of the amended Finance Act 2018 is imperative for the government’s forthcoming engagements with the International Monetary Fund (IMF). The Fund would send a team to Islamabad on September 27 for a week of discussions on Pakistan’s balance of payments crisis.

From these parleys, Finance Minister Asad Umar and other top officials would gauge the likely conditions of a prospective IMF bailout. Pakistan has previously undertaken 21 IMF programmes, without enacting most of the requisite structural reforms.

Anticipating tough terms, Asad Umar decided to first initiate remedial measures for Pakistan’s record twin current account and budgetary deficits. This would empower Pakistan’s position at the exploratory talks with the Fund representatives, before Asad heads to Bali, Indonesia for final negotiations at the annual meeting of the IMF and the World Bank on October 8-14. To reduce the budgetary deficit, the government has already decided to shelve 200-300 unapproved schemes. This would slash the development expenditure to Rs600-650 billion in 2018-19, from the current allocation of Rs1,030 billion.

These cuts would facilitate the revision of the projected budgetary deficit to hover around 5.3-5.5 percent of gross domestic product (GDP), from the unrealistic target of 4.9 percent set by the previous Pakistan Muslim League-Nawaz administration in May.

Under the proposed amendments to the 2018-19 budget, the government plans to rescind some of the tax exemptions extended to the high earners by the last government. It may also reinstate wealth tax on immovable assets. The proposals also envisage reducing by half the taxable income ceiling to Rs800,000 a year, and an increase in the maximum rate of income tax to 20-25 percent from the existing 15 percent. The consumption taxes on cigarettes, cars and luxury items are also likely to be increased. To curtail the current account deficit, the government plans to increase customs and regulatory duties on some 6,000 type of imported goods.

The proposed changes would facilitate the setting of a new revenue collection target. The Federal Board of Revenue collected Rs3,842 billion in the financial year which ended on June 30. The existing target for 2018-19 is an implausible Rs4,435 billion. The proposed changes to the budget would aid the government in changing the overly optimistic macroeconomic targets currently in place. The projected rate of Consumer Price Index-based inflation would increase from six percent to somewhere between seven and eight percent.

Leave a Reply

Your email address will not be published. Required fields are marked *

Categories:  
Tags:   NEPRA ، Mini budget ، Govt ، Taxes ،
From other agencies (RSS Reader)