ISLAMABAD: The Federal Board of Revenue (FBR) has drafted a proposal for new tax measures to collect Rs 300 billion through Tax Amendment Ordinance, 2023. Initially the revenue impact was Rs 200 billion, but now has been increased to Rs 300 billion. The revenue impact of non-filing bankers is estimated at Rs 45 billion, which is expected to be collected.
The 1-3% flood levy on imports is expected to to collect Rs 60 billion. Although the World Bank disagrees with the levy. Profit reached out to Neha Ravail Abdul Khaliq, external affairs and communications consultant who conveyed the Bank’s point of view. “By increasing import duties with this levy, the policy increases the (already high) levels of protection in specific sectors (and not in others), distorting the allocation of resources in the economy, negatively affecting productivity, and importantly, increasing relative profits of selling in the protected domestic market rather than in export markets. Thus, the flood levy acts implicitly as an export tax,” she communicated. She further said that, “The bank believes that instead of levying yet another import tax, the Government may consider, for example, reducing import duty exemptions granted to non-exporting firms under the fifth-schedule of the tariff code.”
The new tax measurement expects to collect Rs 10 billion on imported and locally-assembled vehicles. It also aims to collect Rs 20 billion from tax on banks’ foreign exchange income.
Similarly, the Federal Excise Duty (FED) on sugary drinks would generate Rs 60 billion. The proposed impact of further raise in the FED on cigarettes has been estimated at Rs 25-30 billion. The ordinance permits an increased tax collection from the real estate sector, estimated around Rs 20-30 billion. After consultation with the IMF, the FED on sugary drinks and cigarettes will be increased if the month’s revenue collection underforms.
On the flip side, however, the FBR has suggested tax exemption on import of raw materials and inputs for the manufacturing of exports.
These proposals are under discussion between the FBR and ministry of finance but not have not been approved yet.
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The bank believes that instead of levying yet another import tax….
tax collection is favor for both economy people either poor or business, beneficial for economy growth.
On the flip side, however, the FBR has suggested tax exemption on import of raw materials and inputs for the manufacturing of exports.