ISLAMABAD: The federal finance ministry said that although non-filers have been allowed to purchase immovable property and motor vehicles but their tax rate for registration will be higher.
The finance ministry issued key points to the mini budget presented by Finance Minister Asad Umar on September 18, 2018 and said that non-filers can buy property now but on a higher (registration ) rate.
Other key points are included:
— Rs. 92 billion will be recovered through the use of modern technology and not increasing the taxes on individuals
— 20 percent duty on 1800cc cars
— Ratio of income tax maintained on salaried persons getting up to Rs.200,000 per month
— For income more than 2400000, 29 percent highest tax rate for non-salaried and 25 percent for salaried
— For PM, Ministers and Governors, exemptions from tax ( on housing allowance, Conveyance and some other allowances ) withdrawn
— CPEC will be the government’s priority
— 50 billion for the development of infrastructure of Karachi (public private partnership projects)
— Total development funding 725 billion in 2018
— Petroleum development levy which was increased from Rs189 billion to Rs300 billion, will be capped at 189 billion, on the earlier level
— 8276 houses to be built for the laborers, 4.5 billion allocated
— Fiscal adjustment made @2.1 percent
— Total revenue target of FBR 4390 billion
— Super tax maintained
— Tax on cigarettes increased from Rs. 1 to Rs10 per pack
— Withholding tax on banking transactions for non-filers to be maintained
— Sehat card to be issued soon in Islamabad and Punjab.