- FBR proposed to increase GST by 1%, sales tax on petroleum products by 6%
- Proposed tax target of Rs12,900 billion for fiscal year 2024-25
- New taxes being considered to generate additional Rs2,000 billion in revenue
- Proposal to impose 6% sales tax on petroleum products to generate Rs. 600 billion
- Consideration to remove all sales tax exemptions in finance bill for fiscal year 2024-25
- Proposal to impose sales tax on packaged milk
- Ending sales tax exemptions expected to yield additional income of around Rs550 billion
- Possibility of increasing sales tax rate by 1% to meet additional tax target
- Proposal to increase import duties for commercial importers by 1% to generate Rs50 billion
- Increase in sales tax rate likely to raise inflation in next fiscal year
- All tax proposals for upcoming budget shared with IMF
Source: 24newshd.tv
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
