Finance Minister presents amendments for federal budget 2018-19

Finance Minister presents amendments for federal budget 2018-19

Pakistan’s Finance Minister Mr. Asad Umar presented amendments in the parliament for the federal budget 2018-19. As the Finance Minister presents amendments for federal budget 2018-19, the following points were made.

Mr. Asad Umar told the house that the fiscal deficit in financial year 2018 amounted to 6.60% of Gross Domestic Product (GDP) against the target at 4.1 per cent.

He further explained that the country’s economic condition is unmoved and stands at the same place where it was five years ago,” the finance minister lamented, adding that the fiscal deficit might reach to 7.2 per cent [Rs2,900 billion] in Financial Year 2019.

Umar also recalled that the current account deficit increased from 2.5 billion dollars in 2012-13 to 18 billion dollars in FY18.

Major points

1. Govt withdraws decision to increase petroleum development levy
2. Rs5 billion relief provided to export industry
3. Minimum pension
4. Duty on expensive mobile phones to be increased
5. Duty on 1800cc and above vehicles set at 20 per cent
6. Non-filer tax rate increased by 0.6 per cent 0.4 per cent
7. Health card system will be introduced across Pakistan