ISLAMABAD Sales tax exemptions and concessions on a number of goods, including cell phones, copper, coal, paper, and plastic trash, have been suggested to be eliminated by the federal government. Finance Minister Muhammad Aurangzeb suggested an 18% normal sales tax rate on these commodities during his budget speech to the National Assembly.
The administration also proposed raising import taxes on steel and paper goods, as well as luxury vehicles costing more than $50,000. Mobile phones, coal, paper, and plastic trash would all be subject to the proposed 18% sales tax.
Pakistan’s budget for the fiscal year 2024–25, with a total allocation of Rs18 trillion, was presented by Muhammad Aurangzeb.
The finance minister declared a 101 percent increase in the budget for development, of which 81 percent would go toward continuing initiatives and 19 percent toward new ones.Additionally, he presented development initiatives in the united districts of Azad Kashmir and stated that the government’s first priority will be to finish ongoing projects. “Under the 5-E framework, the government will prioritize export, equity, empowerment, environment, and energy,” he continued.
