The Pakistan Business Council has made some suggestions for the new budget, including a recommendation to impose a withholding tax on withdrawals from banks.
According to FBR sources, the budget has proposed to double the advance income tax on vehicles for non-filers.
FBR sources say that instead of engine capacity, withholding tax on purchase receipt was also proposed.
According to FBR sources, the target of domestic exports in the budget has been set at 30 billion dollars, while imports have been estimated at 58 billion 70 million dollars.
FBR sources say that the trade deficit will be 28 billion 700 million dollars in the next financial year.
Sources further said that the budget recommended imposition of withholding tax on withdrawals from banks.
The tax on non-filers on cash withdrawals of Rs 50,000 per day from banks was abolished, but now the budget proposes to re-impose tax on non-filers on cash withdrawals from banks.
Sources in FBR also say that the budget has also recommended the restoration of Sections 231, 231A and 236P of the Income Tax Act.
According to FBR sources, it has been decided to increase the petroleum development levy from Rs.50 to Rs.60 per litre.
Sources in FBR say that the government wants to take the non-tax revenue to 2.9 trillion, so the government will get Rs 870 billion by increasing the levy by Rs 10 per litre.
Sources in FBR further say that the government wants to increase the pension by 30% from this received amount.
Therefore, 780 billion rupees will be required to increase the pension in the next financial year.
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