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    January 29, 2023 6:04 am
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    Home » Mini budget: Tax laws 4th amendment bill key changes
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    Mini budget: Tax laws 4th amendment bill key changes

    M AbdullahBy M AbdullahDecember 31, 2021Updated:January 1, 2022No Comments2 Mins Read
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    On Tuesday, Shaukat Tarin -Finance minister presented two bills to put into RS 375 Mini-Budget. It will provide self-reliance to central bank. As opposition terms will make Pakistan economically a slave of the west and its institutions.

    Opposition parties made strong protest and Tarin made amendments in sales tax, income tax and federal excise laws to exploit RS 375 billion taxation measures. Rs343 billion sales tax relief that will influence every part of the society, it has suggested income tax relief to those richest persons who own Real-Estate-Investment-Trusts-REITs. 

    These both bills are serious steps towards fulfilling the International Monetary Funds’s-IMF conditions.

    Sales Tax on imported Items:

    Sector

    Item details

    New rate

    Old rate

    Refineries Petroleum crude oil  exempted 17%
    Technology Mobile phones price:200-350$ 17% RS 1740
    Technology Mobile phones price:350-500$ 17% RS5400
    Technology Imported Machines for mobile 17% 0.0%
    Technology Laptops 5% 0.0%
    Engineering Remeltable scrape 17% 14%
    Energy Solar Panel 17%  0.0%
    Food Poultry Sector Machines (feeding etc.) 17% 7%
    Autos Imported Hybrid Electric vehicle upto 1800 cc 12.5% 8.5%

    Sales tax on local items:

    Autos upto 1000cc 100000 50000
    Autos 1001-2000cc 200000 100000
    Autos 20001cc and above 400000 200000

    Federal excise duty charges:

    Autos Imported cars 1001-1799cc 10% 5%
    Autos Imported cars 1800-3000cc 30% 25%
    Autos Imported double cabin 4*4 30% 25%
    Autos Imported cars >3000cc 40% 30%
    Autos Locally assembled cars 1001-2000cc 5% 40%
    Autos Locally assembled cars >2000cc 10% 5%
    Autos Locally assembled double cabin 4*4 10% 10%

    For more details Click Here.

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