ISLAMABAD – Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said that the government proposed a 33 percent hike in the levy on petrol and diesel.
He made this announcement during his speech for Financial Year 2024-25 amid ruckus in the National Assembly on Wednesday.
The federal government, led by the Pakistan Muslim League-Nawaz (PML-N), had put forth a substantial proposal to elevate the petroleum levy on petroleum products.
The government recommended to the National Assembly an increase in the levy on petrol and diesel, from Rs60 to Rs80 per litre.
Likewise, the proposal seeks a 50 percent surge in the levy on high-octane, light diesel, and ethanol. Upon approval, Rs50 would be imposed per litre on high-octane, light diesel, and ethanol.
The finance minister elaborated that the government has also proposed an 18 percent sales tax on various categories of mobile phones.
Moreover, the government has suggested increasing import duties on luxury cars valued at over $50,000.
The budget proposal urged the House to enhance the import duty on steel and paper products.
Furthermore, significant alterations in tax policies were proposed by the federal government to augment revenue. There was a proposal to abolish exemptions on various items, contingent on their categories.
