ISLAMABAD: Federal Minister for Finance Shaukat Tarin has said that the tax was decreased on upto 1,000cc vehicles in the federal budget for FY2021-22.
While addressing the National Assembly session on Friday, Shaukat Tarin said that taxes on food items were also omitted. The finance minister said the tax imposed on Information Technology (IT) firms was zero.
“There will be no tax on internet or SMS services whereas 75 paisa tax will be deducted on phone calls extending five minutes,” said the finance minister.
He further said there was no tax imposed on milk, flour and related products. “Furthermore, tax was decreased from 17% to 10% on poultry feed,” he added.
Shaukat Tarin said tax rate was lowered from 35% to 20% on property.
Meanwhile in a tweet, the federal minister said that he had summarized the long-term benefits of Budget 2021-2022 at the National Assembly on Friday.
“I have summarised the long-term benefits of Budget 2021-2022 at the National Assembly today! Moving forward to a Self reliant, Strong and Stable Pakistan Flag of Pakistan,” The minister tweeted.
The Finance Minister Friday concluded the budget 2021-22 debate in the Senate of Pakistan as well as in the National Assembly and responded to the recommendations made by the senators and Opposition.
He highlighted some challenges faced by the government and the response of the incumbent government to tackle these challenges.
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