Tax procedure made simplified to facilitate taxpayers, says Finance Minister

Minister of Finance Miftah Ismail has said that relief announced in the Budget 2018-19 will help increase the tax base and give an impetus to national growth.

He was speaking as chief guest at a post-budget seminar organized by Institute of Cost and Management Accountants of Pakistan in Islamabad on Sunday, the state media reported.

He said taxes in the real estate sector have also been rationalized in order to shun the undocumented economy and encourage people to declare the real worth of their properties.

Referring to new tax slabs recently announced by the Prime Minister, the Finance Minister said tax procedure has not only been simplified but its rate also reduced to facilitate the taxpayers.

On a question regarding increasing the petroleum levy, the Minister said the government will pass on the reduction of international oil prices as it did in previous years.

The Finance Minister also emphasized the importance of enhancing manufacturing in the country in order to reduce import bill.

Film Industry

Earlier, the Finance Minister announced a fiscal incentive package for revival of the film industry.

It envisages a reduction in customs duty to three percent on import of film and drama production equipment and sales tax to five percent.

A revolving fund would be established for the promotion of film and drama industry and to provide financial support to deserving artists.

There will be a rebate of fifty percent in income tax for five years to companies investing in film projects.

There will also be fifty percent tax rebate to income derived by foreign filmmakers from films made in Pakistan.

The new scheme of seawater desalination plant for Karachi to solve its long-standing severe water crisis announced

The Finance Minister also announced a new scheme of seawater desalination plant for Karachi to solve its long-standing severe water crisis.

The plant to be built by the private sector will produce fifty million gallons of water per day.

An allocation of five billion rupees is being proposed in the next year's budget under Prime Minister's package for Karachi.

Agriculture Sector

Miftah Ismail said the government is also proposing to establish a separate fund for indigenization of agriculture technology with an initial allocation of five billion rupees.

The Finance Minister said tariff subsidy on agriculture tube wells will continue in areas where the provincial governments agree to share the cost of subsidy on the fifty-fifty basis.

Finance Minister Miftah Ismail says the government has given relief to masses by reducing taxes on agriculture products, besides increasing pensions and house rent of employees. He said without promoting agriculture sector, economy of country could not be improved. #Budget2018 pic.twitter.com/BgVtywcrWl

— Govt of Pakistan (@pid_gov) April 29, 2018

He said Ministry of National Food Security and Research is working on a plan for restructuring and revamping of research organizations to convert them into state of the art platforms for research and development.

Economic Zones

The federal government is planning to establish three economic zones in tribal areas.

A spokesman for FATA Development Authority told Radio Pakistan Peshawar correspondent that these zones will be established in Khyber and North Waziristan Agencies and FR Dera Ismail Khan.

The Authority has proposed that these zones should be included in China Pakistan Economic Corridor.

On completion, these zones will open a new era of progress and prosperity in tribal areas besides providing job opportunities to tribal youth.