Mini-budget
\n ISLAMABAD
\nThe incumbent government on Monday imposed new taxes of more than Rs70 billion through a mini-budget.
\nAccording to the Presidential Ordinance, a sales tax of up to 7.5 per cent has been imposed on the electricity bills of traders, and 5pc sales tax will be imposed on the electricity bills of traders less than 20 thousand, and 7.5pc on the bills of traders in case of a bill of more than 20 thousand. There will be a percentage sales tax, the government is likely to get about Rs 27 billion in taxes from this initiative.
\nWhile Federal Excise Duty (FED) on imported vehicles including limousines, sports vehicles and pickups has been increased through the mini-budget.
\nThe government will get up to Rs14 billion by increasing the FED rate on imported vehicles. On the other hand, the FED rate has not been increased on imported vehicles used for public transport or delivery of goods.
\nThe tax on tier one 1000 cigarettes has been increased to Rs 6,500, the income tax on diplomats, which was mistakenly imposed in the budget, has been abolished, the tax exemption on Kuwait Foreign Trade Contract Company has been restored, and the sales tax on electricity bills will be imposed on traders up to 7.5%.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mini-budget ISLAMABAD The incumbent government on Monday imposed new taxes of more than Rs70 billion through a mini-budget. According to the Presidential Ordinance, a sales tax of up to 7.5 per cent has been imposed on the electricity bills of traders, and 5pc sales tax will be imposed on the electricity bills of traders less […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-278854","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-top-news"},"yoast_head":"\n