The federal government is likely to increase taxes on infant milk in the upcoming budget.
Sources close to the preparations of the budget said that the Federal Board of Revenue is considering increasing sales tax on infants’ formula milk.
Currently, the sales tax on infant milk is 12% which is likely to increase to 18% in next year’s budget, sources added.
In addition, the government will not only increase sales tax to 18% on bakery items but also spices in the budget to be announced on June 9, 2023.
Sources also said that the government will also increase sales tax to 18% on Packaged Meat, Poultry & Seafood items.
It is pertinent to note that the government in February this year increased General Sales Tax to 18% from 17%.