The mini budget will come in heavy for women as prices of cosmetics and other beauty goods are expected to increase.
Lahore (Pakistan Point News – 22nd January, 2019) The Federal government has announced to present mini budget on January 23.
Strict measures will be taken against non-tax filers in the mini budget.
A reduction in regulatory duty on crude oil import is also expected. The imports will be discouraged for the benefit of the people. This will encourage Pakistan’s local market, improving the country’s economy.
The mini budget will however come in heavy for women as prices of cosmetics and other beauty goods are expected to increase.
Moreover, according to the FBR, the tax on mobile phones is expected to be increased by five per cent.
The supplementary budget to be launched by the government on Wednesday is aimed at enhancing exports, facilitating business activities, and attracting maximum foreign direct investment in the country.
Talking to media earlier, Finance Minister Asad Umar said that relief will be given to the people in the mini budget.
He said that any change in the taxes will be approved by the Parliament first.
Due to remedial measures introduced by the current government for bringing stabilization in national economy, the economic indicators had already been started showing significant resilience, he said.
During the first half of current financial year, he said exports of the country have increased, imports decreased and remittances are showing the upward trend as compared to the corresponding period of last financial year.
The minister said despite the immense challenges faced by the government on economic front, it was decided to introduce some structural reforms to correct the fundamentals of national economy for bringing about long term development and stabilization.
Due to these reforms, current account deficit has also registered decreasing trend which would ultimately help reducing the pressure on foreign exchange reserves, he added.
Asad Umer said that four components including exports, imports, remittances and foreign direct investment are the determining factors of current account deficit, adding that all these indicators excluding foreign investment remained up to the mark during first half of current fiscal year.
