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How will the new budget affect the ordinary citizen?




A person can be seen counting currency in Karachi, Pakistan on June 11, 2021.

The federal government on Friday unveiled a “citizen-friendly” budget with a total expenditure of 8,478 billion rupees and an ambitious fiscal target of 5,829 billion rupees.

But that’s macro-finance. How will the new budget affect the ordinary citizen?

The PTI-led government has decided to introduce an additional 116 billion rupees in the form of income taxes, while providing relief of 58 billion rupees, according to the finance bill released today.

Additional taxes of Rs 215 billion under federal sales tax and excise duty have also been proposed in the bill, while relief of Rs 19 billion is also included.

The bill stipulates that mobile phones worth Rs270 billion can be imported next year. The government will also impose a regulatory tax of Rs 16 billion on imports of mobile phones.

The sales tax on locally assembled cars up to 850cc displacement has been reduced from 17% to 12.5%, while the FED on these cars has been abolished.

Tariffs on imported luxury goods have been increased by an additional 11%, which will increase the price of makeup, shampoos, imported food products and women’s perfumes. The government is seeking to earn 11 billion rupees from this tariff hike.

To promote locally developed electric vehicles, the Federal Bureau of Revenue will reduce the sales tax imposed on them from 17% to 1%.

The finance bill also proposes an increase in the prices of internet packages, mobile calls and SMS.

However, after the Minister of Finance presented the budget, Federal Minister of Energy Hammad Azhar clarified that Prime Minister Imran Khan and the Federal Cabinet had not approved the Fed’s tax on use. Internet data and therefore will not be part of the final version of the finance bill. .

Meanwhile, the tax of Rs1 on phone calls exceeding 3 minutes and the tax of Rs0.10 on each SMS will translate into revenue of Rs100 billion for the government.

Taxes worth Rs 11 billion will also be imposed on online purchases.

FBR also imposed an additional tax of Rs 1 per kg on sugar, while other taxes were imposed on imported cigars and electric cigarettes.

Moreover, in order to avoid the oil crisis, the government decided to build more warehouses to store the oil.

The government has also exempted the tax on paper used for the publication of the Holy Quran.

For industries, the import of raw materials will see a reduction of Rs12 billion in customs duties. For the chemical industries in particular, relaxations worth Rs6 billion are also included in the bill.

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