New Budgetary Measures on the cards

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  • Government planning on bringing new measures to reduce fiscal deficit
  • FATF compliant Tax Amnesty scheme to be launched
  • Property rates to be taken on market value while tax to be reduced
  • Defence Budget projected to rise

Pakistan’s Finance Minister Asad Umar said that the government is planning to announce a new tax amnesty scheme before the budget for individuals to declare their undeclared foreign and local assets under the scheme. The proposed amnesty scheme will also be applicable to Politicians and Government Officials.

The Finance Minister was addressing a press conference was accompanied Minister of State for Revenue Hammad Azhar and Dr Khaqan Najeeb, Adviser to the Ministry of Finance.

New Fiscal Meausures

  • The Government will be opening up purchase and sale of properties to non-filers without any limit from 1 July 2019. The Finance Minister defended the decision citing that this will lead to increase in Job Creation
  • The government also plan to take real market rates for property evaluations instead of DC Rates for tax purposes while tax rates will be reduced. This decision will be initially implemented in Punjab, KPK and Federal Territories
  • Defence Budget is expected to rise from the current level of Rs. 1.1 trillion
  • The government is planning to keep itself out of Price-fixing decisions for Electricity and Gas utilities. The regulatory authorities will be given complete autonomy in order to satisfy IMF Demands. This will lead to hike in utilities tariffs

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