As today, the Pakistan Tehreek-e-Insaf (PTI) government unveiled its Federal Budget 2019-20. The government has unveiled Rs. 7,022 billion austerity budget for the fiscal year 2019-20, setting ambitious tax revenue targets to improve the economy of Pakistan. Just to boost up the revenue growth of IT and Telecom Sector of the country, the government eliminates the 3 percent tax on the import of mobile phones.
Mobile Phones to get Cheaper by 3% Percent: Budget 2019-20
State Minister for Revenue Hammad Azhar, while presenting the budget in the National Assembly, emphasized that 3 percent tax is the burden on the public. So, the government has decided to abolish it. He further added,
“Therefore, it is proposed that 3% value addition tax on the import of mobile phones may be withdrawn. This measure would also ensure rationalization of tax on import of mobiles,”.
While giving relief to the public, the government has also allocated Rs 7.341 billion on 29 ongoing and new development schemes of Information Technology and Telecom Division in the Public Sector Development Programme (PSDP).
Among these 29 schemes, there are 10 ongoing and 19 are new development schemes. The government has allocated Rs 5.864 billion for 19 new development projects and also set Rs 1.466 billion for the 10 ongoing projects.
According to the Budget 2019-20, the government has allocated a sum of Rs 600 million for the expansion, upgradation of NGMS (3G/4G) services and seamless coverage along KKG. The government has also finalized Rs 100 million for establishing technology parks development project (TDP) at Islamabad. Moreover, there is also Rs 474 million for replacement of GSM network of AJK.
Let’s see whether the Budget 2019-20 will bring a positive change in the country or not. Let’s hope for the best.