Govt likely to impose Rs40bn new taxes in upcoming budget

ISLAMABAD: The government is planning to drop an inflation bomb on public, as taxes are expected to be increased in the upcoming budget.

According to details, new taxes of Rs40 billion have been proposed in the next budget.

Sources said that a recommendation to end Rs70 billion concession on different goods and imposition of new taxes worth Rs40 billion have been proposed for the upcoming budget.

The budget proposes increasing sales tax on sugar, edible oil, tractors, and steel products while the general sales tax is likely to be increased from 17pc to 18pc.

Sources said that the one per cent increase in GDP is likely to offer a revenue of Rs40 billion.

The proposal presented for the next budget suggests that sales tax on sugar be increased from 7pc to 18pc, edible oil from 5pc to 18pc and tractor from 5pc to 18pc.

A recommendation to increase the duty of on steel products by Rs5,600 has also been made. The budget also proposes ending tax concessions for the salaried class.

5 COMMENTS

  1. No goverment has been successful in catching big tax evaders including those who show illegal wealth as agricultural income.

    Who owns agricultural lands, sugar Mills in this country? Select few.

    Who takes bribery from land/tanker/transport mafia? Select few.

    Who takes protection money? Select few.

    Who gets gasoline contract? Select few.

    Whose loans have been written off in last 5 decades? Select few.

    We are a country where justice will never be given against the powerful

  2. But why Salaried class is under consideration now we been hit by dual tax system Direct income tax (From Salary) with higher percentage. and Indirect tax in terms of WHT , Sales Tax, Custom, Excise and many more taxes. Govt implement Indirect taxes due to lake of Tax net in the Country and 97% in our country do not file their Taxes. now Govt introduce 700 bn New indirect Taxes and on the same time wanted to restore 2017 Income Tax Brackets. As a salaried person we dont get raise as per inflation and managing with Rupee deprecation. For past 2 years we have lost 35% on Rupee. There are Thousands of professional who are leaving Pakistan and millions are willing. If Govt squeeze Salaried persons with dual taxation I would leave Pakistan ASAP.

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