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Budget 2021 reduced tax on vehicles

Budget 2021-22: Shafqat Mahmood Terms HEC Budget ‘most Pro Education’

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Budget 2021 HEC budget

The federal government has assigned Rs42, 450 million for the Higher Education Commission (HEC) for the Budget 2021-22 under the Public Sector Development Programme (PSDP).

According to the Budget 2021-22 document, Rs29, 736 million have been reserved for ongoing projects and Rs12, 713 million for new schemes.

In this regard, Federal Minister for Education Shafqat Mahmood said that the resented budget for education is the “most Pro” Higher education budget ever.

In his tweet on Saturday (today), Shafqat wrote, “Most pro Higher education budget ever. Development spending enhanced to 37 billion. The maximum spent by N in its last year was 18 billion. On the recurring side 66 billion-plus special addition of 15 billion making it over 81 billion. Total allocation to HE 118 Billion. Thx PMIK.”

He further extended thankfulness to Prime Minister Imran Khan for the enhanced development in the education sector.

Mahmood further compared the budget announced by the Pakistan Muslim League-Nawaz (PML-N) government in the past years to that of the incumbent PTI-led government.

He said, “Just check the spending figures, not allocation. What’s the use of allocation if not utilised. Total spent on the development side by Pmln govt in its last year was 18 billion. On the recurring side allocation of 81 billion is a 20% jump and the most ever.”

Budget 2021-22: HEC To Get Rs42.45 Billion

Among the ongoing schemes, an amount of Rs100 million has been allocated for the Centre of Mathematical Science (CMS) at PIEAS Islamabad, Rs225 million for the development of Fatima Jinnah Women University, Campus-II (Phase-2) Chakri Road Rawalpindi, Rs300 million for the formation of Federal Institute in Hyderabad, Rs100 million for setting up the Main Campus of the Federal Urdu University of Arts, Science and Technology in Islamabad and Rs300 million for the establishment of FATA University.

Furthermore, Rs250 million have been allocated for the establishment of NUST Campus at Quetta, Rs500 million for growth and the upgrading of International Islamic University Islamabad, Rs250 million for the establishment of the University of Baltistan at Skardu, and Rs175 million for the establishment of the University Campus for Women at Bannu.

Likewise, Rs1, 750 million have been earmarked for Higher Education Development Programme (HEDP), Rs800 million for Overseas Scholarships for MS/M, and several others.

Among fresh structures, Rs375 million have been earmarked for solidification of Shaheed Benazir Bhutto Women University Peshawar, Rs300 million for consolidation of The Women University Multan (Phase-II), and Rs411 million for upgrading Abdul Wali Khan University Mardan.

Furthermore, Rs1,000 million has been earmarked for the establishment of the Centre for Advanced Research in Molecular, Genetic, and Allied Facilities at SMBB Medical University Larkana and Rs25 million for the unavailable facilities for The Shaikh Ayaz University Shikarpur.

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Budget 2021-22: Govt proposes tax on non-filer power consumers

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Budget 2021

KARACHI: The government has announced imposition of tax on the domestic electricity consumers who are not on the Active Taxpayers List (ATL).

Through the Finance Bill, 2021, the threshold of monthly electricity bill has been reduced from Rs75,000 to Rs25,000 for the purpose of levying withholding tax at the rate of 7.5 per cent.

However, this tax will not be applied on persons who filed their annual income tax returns and are on the ATL issued by the Federal Board of Revenue.

Other revenue measures in the Income Tax Ordinance, 2001 proposed through the Finance Bill, 2001 included introduction of a special regime for the export of services at par with the export of goods that will be taxed at one per cent under the final tax regime.

The bill proposed to eliminate block taxation of property income and shift to the normal tax regime. It also proposed reduction in block taxation on the capital gains on the disposal of immoveable properties if gain exceeds Rs20 million.

Besides, reduction in the block taxation on interest income, if it exceeds Rs5 million is also proposed. The government also proposed to expand the scope of withholding tax collection from the supply chain below manufacturers and importers of specified sectors.

The bill proposed to tax profit on the debt component of GP fund and other such funds. The finance bill also proposed to withdraw personal income tax exemptions.

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Budget 2021-22: Tax-free Border Sustenance Markets proposed

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Budget 2021/22

KARACHI: The federal government has proposed the establishment of Border Sustenance Markets to mitigate the problems being faced by the people residing in the border areas due to fencing and counter-smuggling measures.

The specified goods when supplied within the limits of the Border Sustenance Markets, established in cooperation with Iran and Afghanistan, will completely be exempted from the sales tax.

If such goods are brought outside the limits of such markets, sales tax will be charged on the value assessed on the goods declaration import or the fair market value, whichever is higher.

Moreover, such items in case of import, will be allowed clearance by the Customs authorities subject to furnishing of bank guarantee equal to the amount of sales tax involved and the same will be released after presentation of the consumption certificate issued by the Commissioner Inland Revenue concerned.

According to the budget proposal, the exemption will only be available to a person upon furnishing proof of having a functional business premises located within the limits of the Border Sustenance Markets.

The goods to be exempted from the sales tax in Border Sustenance Markets included vegetables, dried leguminous vegetables, seeds of vegetables, knives and cutting blades for paper and paper board, milk and cream, fruits, green tea, sugar syrup and lactose, sewing and embroidery thread, kitchen appliances, household articles, glassware, wheat flour, bicycles and delivery tricycles.

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Budget 2021-22: Tax To Be Reduced On vehicles smaller than 850 cc

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Car sales down 2 per cent in August

In the federal budget 2021-22, being presented by Finance Minister Shaukat Tarin in the National Assembly (NA) today, it is expected that small cars and motorcycles will become cheaper.

According to sources, the budget 2021-22 will propose to reduce taxes on vehicles smaller than 850 cc.

A proposal to reduce sales tax, excise duty and additional customs duty on small vehicles are also under consideration, sources said.

In addition, a plan may be given to reduce the tax on various brands of new motorcycles and on new models of tractors.

Finance Minister Shaukat Tarin Presenting Third Federal Budget

The Pakistan Tehreek-e-Insaf (PTI) government begins presenting the federal budget 2021-22 with a total outlay of Rs7.​136 trillion, a little expansionary to get economic recovery.

Prime Minister Imran Khan, federal ministers and PTI members are present in the National Assembly session.

As soon as the budget speech of the Fiance Minister commenced, the House erupted with the noisy response from the opposition benches.

Finance Minister Shaukat Tarin said that the volume of the federal budget has been kept at Rs 8,487 billion.

Finance Minister Shaukat Tarin said that it is an honour for him to present the third budget of the PTI government.

“We went bankrupt because of the debts, we inherited a deficit of $20 billion, interest rates were kept low and loans were taken from commercial banks,” he added.

Delivering a budget speech, the Federal Minister said that the interest rate was artificially kept low and all the loans were taken from the SBP which created a severe imbalance in the financial volume, the volume of loans from the SBP reached a dangerous level of Rs. 70 trillion.

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