Main Points of Mini Budget

1.    20% tax on banks profit for SMEs from 39%.

2.    Agricultural loan tax 20% from 39%.

3.    Qarza e Hasna for Home Developers.

4.    To provide low-income housing, tax on loans will be decreased to 20 per cent. Rs5 billion revolving fund will be introduced.

5.    Withholding tax for filers on banking transactions will be eliminated to encourage the culture of paying taxes.

6.    Import tax 6% full & final and no minimum anymore.

7.    Non-fillers will be able to purchase small and mid-size cars up to 1300CC, but the tax would be increased.

8.    Tax has been decreased to Rs5000 for small wedding halls up to 500 square feet.

9.    Pilot scheme to be introduced in Islamabad to facilitate traders in filing and paying taxes.

10.  Withholding Tax statements will be filed half yearly instead of monthly.

11.  Duty waived on import of news prints.

12.  Special economic zones have been formed keeping in mind the interest of CPEC.

13.  In the next 5 years, those working to produce products for renewable energy will be exempt from sales tax and customs duty.

14.  No tax on bids for sports franchises until profitability.

15.  Incentive to small industries.

16.  Plant and machinery for green projects, complete tax waiver.

17.  From July 1 super tax will be eliminated for non-banking companies.

18.  Advance tax on purchase and sale of shares is completely abolished 0%.

19.  Carry forward of capital loss is allowed for 3 years.

20.  Negotiable instruments/promissory notes against refunds.

21.  Duty increase on luxury cars.

22.  Continuation of 1pc per annum reduction in corporate income tax.

23.  Tax will be increased for imported vehicles over 1800CC.

24.  Tax for low priced phones will be decreased, will remain the same for expensive phones.

25.  Scheme to be introduced of promissory notes for exporters. Any exporter will be able to take loans from banks on these notes.