Silent features of BUDGET 2018-19, ending notes

Silent features of BUDGET 2018-19, ending notes

Silent features of BUDGET 2018-19, ending notes. The budget of fiscal year 2018-19 has been announced by the newly appointed Finance Minister, Miftah Ismail on 27 April 2018. It was the 6th and final budget of the current government PML-N.

Here, we’re wrapping up the silent features of BUDGET 2018-19

  • The income of Individuals exempted up to 12 Lacs
  • Tax for individual income from 12 lacs and above will be taxed as per slab which has been decreased.
  • Data mining concept has been introduced for new taxpayers search
  • Allowance of up to one lac dollar exempt but above of this amount will be investigated.
  • Immoveable assets undeclared the government within six months can purchase by double price to the declarant, if not proper.
  • Elimination of FBR rate for property valuation.
  • Filer tax rate against property sale and purchase by 1%.
  • GST exemptions sustained same as per last year.
  • 5 Sectors under sro 1125 at 0 rated.
  • Exports refund will be paid within 12 months 1/7/2018
  • Corporate tax reduced to 25% up to 2023
  • Real estate investors’ tax decreased to 7.5%
  • Non-Filer bank transactions tax rate reduced to 0.4%
  • There will be only one Tax audit in three year
  • Super Tax to be reduced by 1% each year to end it up by 2023.
  • AOP slab decline to 30%
  • Undistributed profit drop off to 5%
  • Tax on bonus shares abolished
  • Dividend tax reduce to 5%
  • Now withholding on services would be above RS. 30000/- and on supplies above Rs. 75000/-

Must Read: Budget will push Pakistan towards an economic emergency, says Sherry

Budget Strategy:

Now, comes to strategy, here are the key targets of the 2018-19 budget.

  • Real GDP growth rate of 6.2%
  • Inflation to remain below 6%
  • Tax to GDP ratio of 13.8%
  • Budget deficit of 4.9% of GDP
  • Net Public Debt at 63.2% of GDP
  • Foreign exchange reserves of $15 billion
  • Continuation of social protection programmes

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