KARACHI: The federal government is likely to impose new taxes in the upcoming fiscal year 2024-25 budget to get additional revenue.
In the upcoming budget, new taxes are likely to be imposed, including the imposition of five percent sales tax on petroleum products to get an additional revenue of 2000 billion rupees. The Finance Bill also proposes to abolish all sales tax exemptions.
An additional revenue of around 550 billion rupees is expected from the removal of sales tax exemption. To meet the additional tax target, the sales tax rate is likely to be increased by 1 percent, which will generate an additional revenue of around 100 billion rupees.
Sources say that apart from this, various proposals are under consideration to get 700 billion rupees more. According to the sources, to meet the additional tax target, the sales tax rate is likely to increase by one percent, which will generate additional revenue of billions of rupees. It is expected, however, it is also feared to increase inflation due to which it is being opposed by some circles.
