ISLAMABAD: Prime Minister Imran Khan in a meeting of his economic team approved the budget proposals for the fiscal year 2019-20.
The prime minister directed his team to ensure minimum burden on the poor class of the society. He also urged the officials to prepare a people-friendly budget, which also ensure economic stability of the country.
The budget proposals included allocation of funds for action against the owners of benami assets. The government has approved creation of 10 new vacancies of Grade-17 to 21 for the concerned departments.
A proposal of implementation of presumptive tax on offshore assets is also recommended.
The government has also proposed hike in capital gain tax on immovable property and securities. It is also proposed to increase valuation rate of the immovable property to 75 percent, sources said.
The sales tax rate on petroleum products is proposed to be increased in the new budget, apart of increasing the rate of the additional customs duty.
A budget proposal suggests ending review of all special procedures.
The budget also proposes sales tax on retail prices of various general items and implementation of five percent conditional customs duty on import of Liquefied Petroleum Gas (LPG).
The government also recommends hike in General Sales Tax (GST) on sugar and imposition of FED on gas.
The taxation proposals in the new budget will be equal to 1.4 % of the GDP, sources said.
According to sources, the budget will likely to extend tax relief to the export and manufacturing sectors in the upcoming budget.