Islamabad: The federal government has decided in principle to set the target of tax collections at 9200 billion rupees and non-tax revenue at 2800 billion rupees in the federal budget of the upcoming fiscal year 2023-24.
According to the sources, to meet the target of tax collection in the budget, new taxes of two hundred billion rupees are being imposed, it is proposed to impose a tax of 0.6% on banking transactions of more than fifty thousand rupees, in addition to mutual funds for non-filers. And more than 30% tax has been decided on Real Investment Trust.
In the budget, the withholding tax on imported luxury goods will be increased, it has been decided to double the withholding tax for non-filers in the property sector. will be increased, withholding tax on sale and purchase of plots in the property sector will be doubled for non-filers, in the budget it has been decided to double the rate of withholding tax for non-filers compared to filers.
In the budget, strict measures have been decided to document real estate transactions, tax on unused residential, commercial, industrial plots and farmhouses, withholding tax on machinery, commercial rent has been decided. Apart from this, the volume of subsidy is being proposed to be around 1300 billion rupees.
The highest subsidy in the budget is being kept for the power sector, which will be 976 billion rupees, in addition, tax concessions are being given in the budget on IT and IT-related services so that IT-related products and services can be purchased. In order to increase exports, in the next fiscal year 2023-24 federal budget, there is a possibility of increasing the tax rate on more than three dozen imported luxury goods and non-filers, including mobile phones, animal feed, cosmetics, confectioneries, chocolates and packaged food. Is.
FBR sources say that expensive and imported mobile phones are likely to become more expensive in the next fiscal year’s federal budget, in addition to this, there is also a possibility of increasing the duty on mobile phones worth more than $100 in the budget, sources say. Imported energy saver bulbs, chandeliers and LEDs will be expensive, sales tax on imported electronics items will remain at 25 percent while sales tax on imported make-up items like lipstick, mascara and face powder will remain at 25 percent.
According to the sources, the sales tax on imported hair colors, dyes, imported pet food, imported branded shoes, imported brand purses for women, imported shampoo, soap and lotion will also remain at 25%. The rate of sales tax on glasses, perfumes, imported private arms, branded headphones, iPods, speakers, imported luxury goods, imported doors and windows, bath fittings, tiles, sanitary, imported carpets and rugs will remain at 25 percent.
Sales tax on imported energy drinks, imported juices, vehicles, imported musical instruments, imported biscuits, bakery items, imported chocolate and candy will remain at 25 percent. An additional revenue of around Rs.
(function(d, s, id){
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) {return;}
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.3&appId=770767426360150”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_GB/sdk.js#xfbml=1&version=v2.7”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));