ISLAMABAD: Finance Minister Asad Umar is presenting PTI government’s first mini-budget in National Assembly session.
It was expected that new taxes, including super tax, worth Rs 158 billion will be imposed in the new finance bill. The bill includes the recommendations to slash development budget by Rs 450 billion, sources said.
“The amendments in Finance Act 2018 should bring down the budget deficit from 6.6 per cent to 5 per cent,” the sources informed.
In order to decrease the budget deficit, it was required that expenditure is minimized from Rs 608 billion and for that reason new taxes are being levied while development budget is curtailed, sources further explained.
The budget is likely to include proposals to lower the income tax exemption slab. The exemption limit will likely be brought down to Rs 0.8 million per year from the existing Rs 1.2 million per year, sources said.
The move being termed by experts as a setback for the salaried class.
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