Pakistan Sets Ambitious Revenue Target for FY 2024-25, Introduces Additional Taxes

News Desk2 hours ago

With a 3,440 billion rise in the next budget, the income collection target for the year has been set at 12,900 billion rupees.

The budget for FY 2024–2025 suggests imposing new taxes in order to raise an extra 2,000 billion rupees in income.

At first, a six percent sales tax on petroleum items was suggested. In addition, a budget proposal to eliminate all sales tax exemptions has been put on hold. With the removal of sales tax exemptions, an extra 550 billion rupees in income are anticipated.

Furthermore, an increase of one percent in the sales tax rate is anticipated to yield an additional revenue of around 100 billion rupees towards the aim of tax collections. Approximately 7,000 items can be affected by this one percent increase, according to sources. It’s also possible that sales tax will be applied to the cartooned milk.

Read more:FBR has introduced fresh taxes on mobile phones.

It is anticipated that these fiscal adjustments may cause the nation’s inflation rate to soar.

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