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What did the government discount or reduce? – – IG News

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ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government has presented the budget for the third financial year in the National Assembly.

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Federal Finance Minister Shaukat Tareen presented a budget of Rs 84.87 billion for the next financial year 2021-2022 in the National Assembly session on Friday.

The government has not imposed any new tax on the salaried class in the budget for the next financial year, while announcing a 10 per cent increase in salaries and pensions of government employees and raising the minimum wage to Rs 20,000.

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In the budget for the year 2021-2022, the government has given incentives to the citizens, the details of which are given below.

بغیر Interest free loan of up to Rs. 500,000 to every citizen household

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* An interest loan of Rs. 1.5 lakh for each crop to the farming family

* Loan of Rs. 2 million for low cost housing for poor families

* Low income earners will be given a subsidy of Rs 300,000 to build their own house.

* FED on 850 cc locally manufactured vehicles has been abolished, sales tax rate has been reduced from 12.5 per cent to 12.5 per cent while value added tax (WAT) has also been abolished.

read more: The government has increased the pensions of federal pensioners by 10%

* Tax exemption on import of standard paper used in printing of Holy Quran

ٹیکس Tax Exemption on Import of Not Down (CKD) Kits for Locally Made Vehicles

* Sales tax on electric vehicles manufactured in Pakistan has been reduced from 17% to 1% while Federal Excise Duty (FED) on four wheelers has also been abolished.

ختم Abolition of sales tax on disposable syringes, raw materials and oxygen cylinders, tax exemption on import of plant, machinery, equipment and raw materials in information technology zones, federal excise duty on telecommunications (FED) 17 It was reduced from 4.6 percent

ایف FED rebate on merchant discount rate at point of sale (POS) of banks

ود Withholding tax on discovery of international transactions and minerals through banking transactions, cash withdrawals, Pakistan Stock Exchange, margin financing, air travel services, debit and credit cards abolished

Also read: Duty on mobile phone calls for more than three minutes

* 12.5% ​​withholding tax on mobile services has been reduced to 10%

ٹیکس Withholding tax on oil field services, warehouse services, collateral management services, security services, and tour and travel services reduced from 8% to 3%

* Capital gains tax on stock market has been reduced from 15 to 12.5 percent, non-governmental humanitarian organizations including Abdul Sattar Edhi Foundation, Indus Hospital and Network, Patient Aid Foundation etc. have been removed from the scope of tax.

* Tax exemption on property inherited by Pakistanis living abroad, general tax has been reduced from 1.5 to 1.25%.

* Tax rates for retailers of certain sectors FMCG and refineries have been reduced, holding tax on import of books, magazines, agricultural implements and CBUs of vehicles up to 850 cc has been abolished.

* Special Economic Zones Enterprises were exempted from the minimum tax, Special Technology Zones Authority, Zone Developers, and Zone Enterprises were given 10 years tax exemption, tax exemption on import of capital goods.

Also read: Important explanation of tax on call and internet

* Tax exemption on income earned from private funds on investment in zone enterprises, holding tax exemption on electronic warehouse receipts on Pakistan Mercantile Exchange while reduction of customs duty on electric vehicles.

* Customs duty on 35% surplus raw materials used in medical equipment and goods was abolished.

Salaries, pensions and monthly wages of government employees

10 10% increase in salaries of government employees from July 1, 10% increase in pensions of government employees, orderly allowance increased from 14,000 to 17,000 per month, integrated allowance for Grade 1 to 5 employees from 450 to 950. 100 while the minimum wage has been increased to Rs. 20,000 per month.

Highlights of the budget speech

The volume of the federal budget will be Rs 8,487 billion

Twenty billion dollars in deficit brought 800 million surplus

Due to Krona, it took time to stabilize the economy

In the past, the 5.5% growth rate was beaten

We have to make all the payments of the past otherwise the country would have gone bankrupt

Pakistan faced two additional waves of the Karuna epidemic but escaped dire consequences

Despite Krona, per capita income increased by 15%

Tax collections increased by 18%

75% more refunds were paid than last year

The federal budget has allocated Rs 260 billion for the Ehsas program

Remittances rose 25 percent to 29 29 billion

The volume of the annual development program will be Rs. 900 billion

Rs. 2135 billion allocated for Public Sector Development Program

PSD increased by 33% over the previous year

One billion rupees allocated for locust heart emergency food security in the federal budget

Food, water supply and energy security will be top priorities in the budget

Loans ranging from Rs 4 to 5 lakh will be given to four to six million households

Cheap loans of up to Rs 2 million will be given to low income earners

Each household will be provided with a health card

This time we will give a complete package to the poor

Dasu Hydro Project, Rs 57 billion allocated for the first phase

Rs 23 billion is being set aside for Diamer-Bhasha Dam

Rs 6 billion allocated for Mohmand Dam

Proposal of Rs. 14 billion for Neelum-Jhelum hydro project

Rs 260 billion proposal for Ehsas program

C-Pack completes 17 major projects worth 13 13 billion

Work continues on 21 more C-Pack projects worth 21 21 billion

Development package of Rs. 601 billion for South Balochistan

ڈ 1.1 billion will be spent on the vaccine

16 billion aid is proposed for PIA and Rs

739 billion approved for Karachi Transformation Plan

The federal government will provide Rs 98 billion for the Karachi Transformation Plan

Rs. 12 billion allocated for development of agricultural sector

Rs 91 billion allocated for protection of water resources

The Karachi rehabilitation project will include Rs 125 billion from the Supreme Court fund

Rs 19.5 billion allocated for 14 districts of Sindh this year

Rs 9.3 billion allocated for construction of ML-1

Rs 54 billion allocated for development of integrated districts of KP

Rs 12 billion has been earmarked for Hyderabad-Sukkur transmission line

Rs 22 billion has been earmarked for coal-fired power generation in Jamshoro

Rs 8.5 billion allocated for 2160 MW power generation from Dasu

Rs 5.5 billion allocated for power generation from Ski Kanari, Kohala, Mahal hydro projects

Rs 16.5 billion allocated for Karachi One, K2, Tarbela Hydropower Project

Rs 100 billion allocated for development of backward areas

Health 30 billion, higher education 44, Rs 16 billion allocated for sustainable development

The total revenue is estimated at Rs. 7909 billion

The target for tax revenue will be Rs. 5829 billion

The share of provinces in federal tax will be Rs 3411 billion

Next year, the provinces will get more than Rs 707 billion from the NFC

Rs 40 billion allocated for Gilgit-Baltistan socio-economic planning

10% increase in salaries, pensions of government employees

Rs 54 billion has been earmarked for the development of KP integrated districts

The federal government has decided not to impose a new tax on the salaried class in next year’s budget

Rs 14 billion allocated in the budget for the Billion Tree project

Rs 118 billion allocated for health, education, economic development, tackling climate change

Sialkot Kharian, Hyderabad Sukkur Motorway was started with a record amount of Rs. 233 billion

It is proposed to reduce the sales tax rate on vehicles up to 850 cc from 17 to 12.5%

Federal excise duty on fruit juice abolished

Proposed tax exemption on plant machinery, equipment, raw materials for IT zone

Suggestions for discounts in agricultural commodity warehousing practices

Proposal to include e-commerce in sales tax net

Proposal to impose federal excise duty on more than three minutes of calls, internet usage, SMS

Rs 10 billion has been set aside for a successful Pakistan program, Shaukat Tareen said

Proposal to provide Rs. 66 billion to HEC

An anti-rape fund is being set up on the directive of the Prime Minister. Rs 100 million has been set aside for the anti-rape fund and it will be increased later.

Mobile services production holding tax proposed to be reduced from 12.5% ​​to 10%

The amount for Azad Kashmir has been increased from Rs 54 billion to Rs 60 billion

Gilgit-Baltistan’s budget proposed to be increased from Rs 32 billion to Rs 47 billion

Sindh will be given a special grant of Rs 12 billion

Apart from NFC, Balochistan will also be given another Rs 10 billion

Rs 5 billion proposed for new census

Rs 5 billion allocated for local body elections

The same amount of tax will be levied on a child’s annual school fee of Rs 2 lakh

From July 1, federal government employees will receive a 10% ad hoc relief allowance

The telecom sector has been given industry status

Customs duty on plastic warehouses

Government announces 10-year tax exemption for Special Technology Zone Authority

The capital gains tax rate has been reduced from 15 per cent to 12.5 per cent

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