National economy likely to be affected due to Iran-Israel war: FM

ISLAMABAD
Finance Minister (FM) Muhammad Aurangzeb while wrapping up debate on budget has said national economy is likely to be affected due to Iran-Israel war.
He held that persons above 75 years are exempted from tax. There will be tax on pension more than one crore.
He said there will be no withholding tax on personal residence till 15 years. There will be 20 percent tax on investment on government security.
He held we are aware of tax burden on salaried class. Therefore, we have decided to impose one percent tax on income from Rs 6 lac to 12 lac. Tax was proposed on E-Commerce. E-Commerce has been shifted to easy system. There will be limited tax on it. No tax will be slapped on gratuity. Private business will be provided more loan.
We are bringing electronic warehouse for farming community. It will help them in storing the things.
Tax net has been extended.
Tax on solar has been reduced to 10 percent.
Stern action will be taken against the profiteers on solar panels.
FBR will make arrest after 3 conditions. The proposals of national assembly standing committee have been included in budget.
Tax exemption has been ended on import of cotton and thread.
He pointed out that the powers rested with FBR were reviewed again. No arrest will be made in the cases upto Rs 5 crore without court’s warrants. A three member committee of FBR will decide about arrest instead of one officer.
He stated government has presented a balanced budget and government expenses have been kept under control.
PTI MNAs continued to chant slogans Orderly, orderly. Israel ka jo yar ha ghadar ha ghadar ha.