ISLAMABAD (Muslim Times) – The differences between opposition have continued to persist as it has canceled joint session to discuss strategies regarding mini budget to be presented by Pakistan Tehreek-e-Insaf (PTI) government today (Tuesday).
The meeting was summoned at Parliament House at 9am.
PTI government is all set to present mini budget for remaining nine months of the fiscal year 2018 to 2019 today.
The federal government has decided to impose regulatory duties on 150 luxury products and to fix the income tax ratio to the June 30 level is also under consideration in new mini budget.
PTI’s focus is to curb imports while increasing the exports in a bid to lessen the trade deficit. For this reason, the government is mulling over reducing the age limit of imported jeeps to 3 years and for cars to 2 years, from 5 and 3 years respectively.
The government is likely to cut down the federal development program through budget.
To counter the budget deficit conundrum, the government has proposed a cut in the federal Public Sector Development Programme from Rs140 billion from Rs800 billion to Rs660 billion along with new taxation measures.
The major customs duty proposal is to increase the additional customs duty by 1% on 5,200 imported product lines. Besides generating about Rs40 billion in taxes, the measure could cut the import bill by around $1 billion.