The federal budget 2022-2023 has proposed a ban on purchase of US dollars, implying that an individual cannot buy more than $10,000 in a month.
The financial managers have also recommended to disallow the purchase of dollars in excess of $100,000 in a year, besides suggesting 1% tax on credit card payments.
The new budget also proposes to impose 2% tax on the use of credit cards by the non-filers. There is also suggestion to levy 2% tax on the use of credit and debit cards by the non-filers outside Pakistan.
According to sources, the budget team has suggested to lower the income tax slabs from 10 to seven. However, it has suggested to increase tax rate on people whose annual income is more than Rs1 million. Besides this, there is a proposal to reduce income tax concessions.
The budget planners have proposed to bring income earned through social media or online sources under tax net.
