Dar un­veils re­lief ....

Pakistan Observer - - IN­TER­NA­TIONAL -


He said sim­i­larly, for­eign di­rect in­vest­ment will be fa­cil­i­tated which will help en­hance the eco­nomic ac­tiv­ity in the coun­try.

He said our plan also en­vis­ages es­tab­lish­ment spe­cial eco­nomic zones which will create job op­por­tu­ni­ties for youths.

The rate of with­hold­ing tax for ser­vices by print and elec­tronic me­dia is be­ing en­hanced from one per cent to 1.5 per cent and this will be treated as fi­nal tax in re­spect of in­come from these re­ceipts.

The rate of with­hold­ing tax for com­mer­cial bills of elec­tric­ity above twenty thou­sand ru­pees is be­ing in­creased from ex­ist­ing 10 per cent to 12 per cent. There will be no change for in­dus­trial con­sumers.

The bud­getary pro­pos­als en­vis­age that an ad­justable with­hold­ing tax at the rate of three per cent of the value of ve­hi­cle be col­lected by ev­ery bank or leas­ing com­pany from non-fil­ers at the time of lease. With­hold­ing tax rate for non­fil­ers is be­ing in­creased from fif­teen to twenty per­cent on win­ning of prize bonds.

The Fi­nance Min­is­ter pointed that zero rat­ing of sta­tionery items is open to mis­use and an­nounced with­drawal of the fa­cil­ity.

Sim­i­larly, he pro­posed that zero rat­ing on prepa­ra­tions for in­fant use milk may be re­tained while zero rat­ing on milk and fat-filled milk sold in re­tail pack­ing is with­drawn.

Dar said the rate fed­eral ex­cise duty on ce­ment at the rate of five per cent of the re­tail price is be­ing re­placed with fix rate ba­sis at the rate of one ru­pee per kilo­gram.

The ex­ist­ing sales tax rate on mo­bile phones is be­ing in­creased from the ex­ist­ing Rs500 to Rs1000 and from Rs1000 to Rs1500. The rate of tax on low cat­e­gory mo­bile will re­main un­changed at Rs300.

The min­is­ter also an­nounced in­crease in tax rate of about 23 paisa per cig­a­rette for lower tier cig­a­rettes and 55 paisa per cig­a­rette for higher tier cig­a­rettes. The rate of fed­eral ex­cise duty on aer­ated wa­ters is be­ing in­creased from the ex­ist­ing ten point five per­cent to eleven point five per cent.

He an­nounced re­duc­tion of tar­iff slabs from five to four. The new gen­eral slabs will be three per­cent, 11 per cent, 16 per cent and 20 per cent.

From next year the two per cent and five per cent slabs will be merged in the new slab of three per cent.

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