ISLAMABAD (DNA) – Finance Minister Asad Umer on Wednesday said that this was not a budget being presented but rather a set of economic reforms.

Presenting the Finance Supplementary (Second Amendment) Bill, 2019, he said that the government faced severe economic challenges in the beginning, adding that this is not a budget but a reforms package for the uplift of various sectors.

The finance minister alleged that the previous government had increased the budget deficit in a bid to “buy the elections.” “We have to support the weak segments of the society,” he added.

• Umar went on to say that the country’s deficit ballooned to Rs900 billion.
• Country’s agricultural loans have increased 22 percent during the last six months.
• The country’s exports have increased.
• The Small and Medium Enterprised(SMEs) are the backbone of the economy as employment opportunities cannot be produced without SME sector.
• The PTI in its manifesto prioritised providing employment to the youth. This cannot be done if SMEs do not have the necessary funding.
• Tax is being reduced on small business institutions.
• The minister said that Pakistan’s economy will see most prosperity in its history during the PTI government’s tenure.
• Government to introduce Rs5 bn  Qarz-e-Hasna  scheme
• Non-filers can buy cars upto 1300cc.
• Taxes on marriage halls have been reduced.
• To provide low-income housing, loans will be decreased to 20 per cent. Rs5 billion revolving fund will be introduced.
• Withholding tax for filers on banking transactions will be eliminated to encourage the culture of paying taxes.
• Non-fillers can purchase small and mid-size cars up to 1300CC, but the tax would be increased.
• Special economic zones have been formed keeping in mind the interest of CPEC.
• All machinery in special economic zones will be exempted from all taxes.
• Pakistan’s imports have declined.
• Pakistan’s fiscal losses have declined
• Import duty on raw material is being reduced.
• Duty on import of newsprint eliminated.
• No tax on bids for sports franchises until profitability.
• Super tax will be eliminated for non-banking companies from July 1.
• Rs1470 sales tax imposed on imported mobile phones worth $30 to $100
• Rs1870 sales tax imposed on imported mobile phones worth $100 to $200
• Rs1930 sales tax imposed on imported mobile phones worth $200 to $350
• Rs6000 sales tax imposed on imported mobile phones worth $350 to $500
• Rs10300 sales tax imposed on imported mobile phones worth more than $500
• New industries will be exempted from income taxes for five years