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Tax on cash withdrawal from overseas remittances abolished

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In the mini budget presented by finance minister Assad Umar Wednesday there is some relief for overseas Pakistanis as well.

Remittances from overseas

Advance Tax on cash withdrawal by non-filers in bank accounts where the amount has been forwarded from foreign remittance has been abolished.

Mobile Phone

Tax on mobile phones is to be rationalized through collection of all duty/taxes on uniform slabs based on C&F values at fixed rates.

The total taxes on mobile phone valued up to Rs10000 have been brought down from Rs1025 to Rs400 those costing above Rs28000, tax have been decreased by Rs338 to Rs4000.

For sets up to Rs60000, the tax is Rs6000 with a reduction of Rs100 and for those valuing up to Rs105000, new tax will be Rs8000, recording a decrease of Rs505.

Luxury Cars

FED on imported luxury cars/SUVs has been increased from 20pc to 25pc on up to 3000cc vehicles and 30pc for those exceeding 3000cc. A 10pc FED is also being levied on local luxury cars/SUVs.

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