Agreement on easing restrictions on purchasing cars, houses, plots, investing in securities and bank accounts for non-filers
Islamabad: Before the approval of the new budget, the government has presented proposals for a new mini-budget of 36 billion and relaxation of restrictions on non-filers.
The FBR has proposed fiscal measures worth 36 billion. According to the FBR chairman, its aim is to complete the reduction in sales tax on solar panels and obtain funds for a 10 percent increase in the salaries of government employees.
The mini-budget includes imposing an excise duty of Rs 10 on a day-old chick, for which an amendment to the Federal Excise Act has been proposed. Relaxation of restrictions on non-filers will help remove concerns of negative impacts on the economy and trade.
Before the approval of the new budget, the government has imposed a total of Rs 462 billion in new taxes, including increasing the tax rate on income from investment by companies in mutual funds and investment in government loans.
The government has agreed to relax restrictions on the purchase of cars, houses, plots, investment in securities and bank accounts for non-filers, however, this will not apply to vehicles worth Rs 7 million, commercial plots worth more than Rs 100 million, houses worth more than Rs 50 million, and those investing more than Rs 50 million annually in the stock market.
The Finance Committee of the National Assembly, chaired by Syed Naveed Qamar, approved the new tax measures. It should be noted that the IMF had rejected the government’s proposal to impose a 5 percent federal excise duty on one-day-old chicks.
