ISLAMABAD – The coalition government is set to unveil a Rs13-15 trillion budget for the fiscal year 2023-24, in the wake of record-high markup costs rooted by the all-time high-interest rates.
The tax target for the upcoming fiscal year would be nearly 30% higher than the projected tax collection for the outgoing Fiscal Year.
As inflation-weary people are curious to know more about the election year budget, reports suggest that the government planned increasing taxes on mobile phones, cars, and other imported luxury items in the FY2023-24 budget.
Sharif’s government, after failing to salvage IMF bailout funds, is mulling to increase duty on mobile phones, worth more than 100 dollars.
Furthermore, imported energy saver bulbs, chandeliers, and LED TVs will become more expensive.
By imposing a 25 percent luxury tax, the government is looking to generate revenue of Rs45 to 55 billion as the country is facing the worst economic crisis in decades.
The luxury sales tax will also be imposed on imported shoes, expensive imported purses, imported shades perfumes, gadgets like headphones, and speakers, imported doors and windows, imported bath fittings, imported tiles, and sanitary.
Electronic appliances, make-up goods, imported hair dyes, and pet food will come under luxury tax.
Pakistan’s upcoming budget to ‘drive car prices further away from customers’
