Asad Umer presented mini Budget
18 September, 2018
ISLAMABAD: Finance Minister Asad Umar on Tuesday presented Pakistan Tehreek-e-Insaf (PTI) government’s amendments to the finance bill 2018 in the National Assembly, according to which the prime minister, ministers and governors will not be exempted from tax paying.
Asad Umar presented amendments before a National Assembly session headed by Speaker Asad Qaiser. He said changes in the budget are necessary because the priority is to safeguard the underprivileged people in Pakistan. The lawmaker said the deficit could exceed to Rs2700 billion if concrete steps are not taken immediately to counter the economic crisis.
Asad said that the PM, ministers and governors will not enjoy any sort of tax exemptions. Among the other propositions, it was said that there would be an increase of 10% in pensions, while duties will be applied on purchase of expensive phones. Taxes on vehicles above 1800cc will also be increased from 10 percent to 20 percent, Asad said.
The lawmaker also talked about income tax in his address. He said individuals who earn Rs4-8 lac annually will pay a tax amount of Rs1,000, while those who earn Rs8-12 lac annually will pay Rs2,000.
Individuals with annual earnings of Rs12-24 lac will pay 5% of their annual wage, while those who earn Rs24-30 lac yearly will pay a fixed amount of Rs60,000.
Moreover, individuals with earnings of Rs30-40 lac annually will pay 15% of their wage, those who earn Rs40-50 lac will pay 25%, while 29% will be charged from those who earn more than Rs50 lac a year.