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PML-N leaders assigned task to contact govt allies to block mini-budget

PML-N leaders assigned task to contact govt allies to block mini-budget
January 1, 2022 Web Desk

ISLAMABAD (92 News) – The Pakistan Muslim League-Nawaz (PML-N) has assigned the task to contact the government allies to block the mini-budget.

According to sources, the opposition will devise a joint strategy to block the mini-budget after a positive reaction from the estranged members and government allies.

The PML-N delegation will meet the leaders of the Muttahida Qaumi Movement (MQM), the Grand Democratic Alliance (GDA) and the Pakistan Muslim League-Quaid (PML-Q) to convince them to vote against the mini-budget.

In the Finance (Amendment) Bill tabled in the National Assembly, the government imposed Rs1 million per episode advance tax on foreign-produced TV serials, Rs3 million on foreign-produced TV dramas, and Rs0.5 million on advertisements starring foreign actors.

On renewable energy, the government imposed GFST to fetch Rs13.550 billion, power sector adjustable Rs65 billion, food group (entry 1) Rs4 billion, food group entry 2 Rs305 million, in another food group Rs800 million, food group entry 6 Rs41 billion.

The government also increased Federal Excise Duty (FED) on import of cars (Completely Built Unit (CBU) over 1001cc to 1700cc from 5 percent ad valorem to 10 percent, from 1800cc to 3000cc from 25 percent ad valorem to 30 percent and exceeding 3000cc from 30 percent ad valorem to 40 percent ad valorem.

The government proposed 17 percent GST including imported plant and machinery, dairy products, meat/poultry, pharmaceutical raw materials, beauty products/food supplements, computers, baggage of overseas Pakistanis, cotton/sunflower/canola seeds, mobile phones (exceeding US$200), branded iodized salt, energy saver lamps/tube lights and imported remeltable scrap, jewelry and silver.

The sales tax on high-end phones (exceeding US$200) ranges between Rs1,750 to Rs9,270 per phone set. The mobile phones valuing more than $200 imported in the CBU condition has been charged to 17 percent sales tax.

The Finance (Supplementary) Bill 2021 has amended four Schedules of the Sales Tax Act including Third Schedule (printed retail price); Fifth Schedule (sales tax zero-rating); Sixth Schedule (exemption); Ninth Schedule (mobile phones).