Chairman Federal Board of Revenue (FBR) Asim Ahmed has said that additional taxes of 200 billion have been imposed in the upcoming budget, of which 175 billion are direct and 25 billion indirect taxes.
In the briefing after the federal budget speech, Asim Ahmed said that 170 billion rupees in terms of income tax and 22 billion rupees in terms of sales tax are included in the tax measures.
He said that by adding another 200 billion rupees in taxes, the target has been reached to 9200 billion rupees.
Chairman FBR also said that the government has also imposed a tax of Rs 2,000 per fan on fans, while 20 percent duty has also been imposed on the use of old bulbs.
He said that 2 percent tax on buying immovable property through remittance is being abolished while a new diamond card is being launched in the remittance card category.
Asim Ahmed said that diamond card will be issued to those who send remittances of more than 50 thousand dollars annually.
He said that the withholding tax has been increased on the use of debit and credit cards abroad, 5 percent withholding tax will be imposed on the filer and 10 percent on the non-filer.
According to Chairman FBR, it is proposed to restore 0.6% withholding tax on non-filers on cash withdrawals from banks, while an advance adjustment tax of Rs 2 lakh per year is proposed on foreign domestic workers.
He said that the POS retailers tax of branded textiles, leather is proposed to be increased from 12 to 15 percent, the POS retailers tax of sports goods is proposed to be increased from 12 percent to 15 percent.
Asim Ahmed further said that the limit on the import of Asian vehicles of more than 1300 cc has been removed.
According to FBR officials, youth will be given business opportunities, youth under 30 years of age will be given tax exemption for starting business, such youth will be given 50% tax exemption on income.
According to the officials, tax exemption is being given in the agriculture sector while the square feet requirement for tax on shops is being relaxed.
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