Budget 2017-18 New Tech Companies and Startups will be given tax breaks
Ishaq Dar, Finance Minister of Pakistan, has presented the Budget in NA today. The minister started the budget speech with the short growth story of how the government has got its target in the precedent four years.
In the pitch of speech, Finance Minister said, “This is the 5th budget being presented by the PML-N government, and this is an accomplishment for democracy”.
The Finance Minister spoke at span about the Pakistan Economic Survey, released yesterday.
Using data included in the report to validate the government’s ‘economic turnaround’ account.
Finance Minister has said that the growth cost of Rs. 1.001 trillion has been owed for the next year. In addition, he announced that the smallest amount wage to be Rs. 15,000.
The government has proclaimed tax breaks for IT, Small and Medium Businesses and Agriculture segment. Owing to these tax breaks, these sectors will be capable of growing and facilitating the economy of Pakistan.
Technology companies and startups will not be liable for sales tax for the first three years of their organization. IT exports come about from Gilgit and FATA will be exempted from sales tax too.
The Federal Board Revenue (FBR) is probable to increase by 14% in the next year.
Presenting the budget in the NA, Finance Minister also declared that the government also has allotted funds for giving 50,000 PKR loan for setting up new businesses. Small and Medium business will have an effortless way into loans and Rs. 3.5 billion has been set to the side for that.
Ishaq Dar has also stated in his budget speech that the Foreign exchange reserve of the state has blown up vastly, and the load-shedding in the country has decreased to a slight level. Which is irony itself?