No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8
  • Education
  • YourCut
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8
  • Education
  • YourCut
No Result
View All Result
No Result
View All Result

Government finalises mini-budget with Rs600bn adjustments

News Desk by News Desk
December 3, 2021
in Business, Featured
Reading Time: 1 min read
Mini budget
Share on FacebookShare on Twitter

ISLAMABAD: With suggestions of expenditure cuts and fiscal regulations of more than Rs600 billion, a mini-budget has been prepared by the government on Thursday following the staff-level agreement with the International Monetary Fund (IMF).

According to the adjustments made, Rs200bn have been reduced from the Public Sector Development Programme. This includes a deduction from general government expenditure of Rs50bn.

In the real state sector, the valuation rates have been increased by 90 per cent in 40 of the largest cities, with the number of cities doubling from what it was previously. The number of cities has been increased with the sole purpose of extra tax collection. Islamabad, Peshawar, Lahore, and Karachi are included in the list.

Regulatory duty will be imposed on electric vehicles imports, while importing all types of completely built unit (CBU) vehicles is restricted, and federal excise duty may get applied on CKD/SKD vehicles.

A decision regarding corporate guarantees for disputed import duties is also modified as now a pay order or a bank guarantee is required. Regulatory duty on several luxury items is proposed, and 525 non-essential items will face a regulatory duty.

According to a few analysts, the effects of the pro-growth budget, implemented five months ago, will be reduced with these steps and also help get the much-wanted $1bn from the IMF in January.

The bill is vetted in the law division after which it will be presented to the cabinet and then to the parliament for approval. On the other hand, Yusuf Khan has been removed from the finance secretary position, with him being replaced by Hamid Yaqoob Sheikh.

Related

News Desk

News Desk

Related Posts

LHC suspends de-notification of 43 PTI members
Featured

Lahore High Court suspends Raja Pervaiz Ashraf ruling to accept resignations of 43 PTI MNAs

February 8, 2023
Expectations of circular debt resolution, KSE-100 index gains 509 points in opening hours
Business

Expectations of circular debt resolution, KSE-100 index gains 509 points in opening hours

February 7, 2023
KP Counter Terrorism department announces Rs10 million reward for information about Peshawar mosque attack
Featured

KP Counter Terrorism department announces Rs10 million reward for information about Peshawar mosque attack

February 7, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TOP NEWS

People of Pakistan are facing identity crisis, says Faysal Qureshi

People of Pakistan are facing identity crisis, says Faysal Qureshi

by Zain Aijaz
February 8, 2023

Reknowned name of the Pakistan entertainment industry, Faysal Quraishi has highlighted the fact that the country is facing an identity...

Andy Flower

Andy Flower previews HBL PSL 8 for Multan Sultans

by Press Release
February 8, 2023

LAHORE: Multan Sultans made their HBL Pakistan Super League debut in 2018 and have established themselves as the most successful...

Aaqib Javed previews HBL PSL 8 for Lahore Qalandars

Aaqib Javed previews HBL PSL 8 for Lahore Qalandars

by Press Release
February 8, 2023

LAHORE: Lahore Qalandars had a stunning run in the last edition of the HBL Pakistan Super League, which culminated in...

LHC suspends de-notification of 43 PTI members

Lahore High Court suspends Raja Pervaiz Ashraf ruling to accept resignations of 43 PTI MNAs

by Zain Aijaz
February 8, 2023

  On Wednesday, the Lahore High Court (LHC) came into action to suspend the ruling of National Assembly Speaker Raja...

The Upcut is a news platform that brings you the latest news, developments from all walks of life, from all over the world. We cover Business, news from Pakistan and rest of the world, Sports, and Entertainment. You can also read Tech Reviews and How-To Guides for simple solutions and dailylife hacks.

BUSINESS   |   NATIONAL   |   WORLD   |   SPORTS   |   ENTERTAINMENT   |   TECH   |   HOW-TO GUIDES

  • Home
  • About Us
  • Privacy Policy
  • Editorial Guidelines
  • Contact Us
  • Stories

Copyright © 2022 The Upcut. All rights reserved.

No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8
  • Education
  • YourCut

Copyright © 2022 The Upcut. All rights reserved.