The federal government has proposed increasing taxes on cell phones, tech gadgets, cars and other imported luxury items in the upcoming budget for 2023-24.
The sources revealed that the government is considering increasing duty on mobile, worth more than 100 dollars.
They further added that imported energy saver bulbs, chandeliers, and LEDs will be more expensive in the upcoming budget FY23-24. The government is eying to generate revenue of Rs45 to 55 billion by keeping the ratio of sales tax of 25% at the luxury items in the budget.
Sources reported that sales tax on imported electronics items, imported make-up goods, imported hair colors, dyes, and imported pet food will remain at 25%.
Also Added that a 25% sales tax will be applied on imported branded shoes, branded purses, imported sunglasses and perfumes, branded headphones, iPods and speakers, imported doors and windows, imported bath fittings, imported tiles, and sanitary.
Separately, the federal government is expected to allocate Rs102.86 billion for the power sector projects in the upcoming budget 2023-24, citing sources, ARY News reported.
Rs102.86 billion allocations have been recommended for the projects of power sector in the new fiscal year 2023-24. It has been recommended to launch 32 new schemes in the power sector.
Remember that budget 2023-24 is to be presented before the parliament on 9th June after getting approval from Prime Minister.