Govt extends tax relief to cars up to 1000cc

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ISLAMABAD – Finance Minister Shaukat Tarin said on Friday that the tax relief earlier proposed for the vehicles up to 850 cc in the Budget 2021-22 is being extended to 1000cc vehicles.

The minister announced it while winding up discussion on the budget in National Assembly, adding that the government aims at inclusive growth.

He had proposed abolishing advance customs duty, value added tax and others relaxations for vehicles up to 800cc last Friday.

Tarin said that no tax will be imposed on internet SMS while only 75 paisas will be charged form the users on a call that lasts for more than five minutes.

He also announced to withdraw tax on medical bills and GP funds, besides waiving off tax on the milk.

Extending relief to IT sector, the minister said that there will be no tax on registered IT platforms while unregistered will charge two percent tax.

He announced that 17% tax on the value added products of gold will be received, adding that tax on poultry will be reduced to 10% from previous 15%.

Announcing tax cut on the real estate sector, he said that tax relief will also be extended to oil refineries so that they could turn to Euro-5 fuel, Radio Pakistan reported. He categorically stated that no tax has been imposed on flour and its products.

He said that the budget has given a hope to all segments of the society, adding that targeted subsidies will be provided to low-income groups on power tariff, sugar and ghee.

He further said $1.1 billion has been allocated for the purchase of anti-Covid vaccine, adding that Rs5 billion have been set aside for the development of E-voting system.

Talking about power sector, he said that tariff will not be increased, adding that the same has been conveyed to the International Monetary Fund (IMF).

Praising the PTI government, he said that Prime Minister Imran Khan took bold and difficult steps to steer the economy in the right direction despite COVID-19 challenge.

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