Federal cabinet approves mini-budget

ISLAMABAD (92 News) – The federal cabinet on Wednesday approved the economic reforms package and recommendations for mini-budget. According to the details, Prime Minister Imran Khan met senior leaders of the Pakistan Tehreek-e-Insaf (PTI) at his chambers in the Parliament’s House on Wednesday. The premier chaired a special session of the federal cabinet to approve the mini-budget and export promotion package. During the session, Finance Minister Asad Umar briefed the cabinet members on the mini-budget and export promotion package. After the cabinet meeting, the prime minister summoned a PTI parliamentary party meeting, according to sources. The mini budget and export promotion package will be presented before the National Assembly after the meetings. Meanwhile, the PTI and allies have been taken into confidence about the mini budget. Prime Minister Imran Khan has reached Qatar after completing the tour. Minister for Finance Asad Umar will unveil mini-budget that is called supplementary finance bill and macroeconomic framework before the Parliament on Wednesday. The government decided to reduce and abolish RD on 150 items at least against 250 items recommended by the Ministry of Commerce for waiving off RD on items related to industries including raw materials on electronics, engineering, chemicals and other sectors. It is proposed that the slab of 21 percent will be brought down to 20 percent, 16 percent to 15 percent, 11 percent to 10 percent and 6 percent to 5 percent through upcoming finance bill. On income tax side, the government is going to provide exemption of income tax for banking sector on the provision of loan for low cost housing in the country in the coming supplementary finance bill.