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June 5, 2020
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Mini-budget: Govt likely to abolish regulatory duty on 250 items

ISLAMABAD: The PTI-led federal government is going to present mini-budge on Wednesday in the Parliament.

This will be the second such budget within five months in power by the incumbent government.

Federal Finance Minister Asad Umar will lay the supplementary finance bill in the National Assembly on Wednesday.

The government is planning to abolish regulatory duty on 150 to 250 items through the mini-budget.

Through the bill, the government will increase import duty on 1800cc cars by 10 percent, besides jacking up the tax on import of high-end user mobile phone sets.

The government has decided to reduce and abolish RD on 150 items at least against 250 items recommended by the Ministry of Commerce for waiving off RD on items related to industries including raw materials on electronics, engineering, chemicals and other sectors. It is proposed that the slab of 21 percent will be brought down to 20 percent, 16 percent to 15 percent, 11 percent to 10 percent and 6 percent to 5 percent through upcoming finance bill.

On the income tax side, the government is going to provide an exemption of income tax for the banking sector on the provision of loan for low-cost housing in the country in the coming supplementary finance bill.