ISLAMABAD –
PTI government has decided to tax the rich in Pakistan.
The government is likely to impose wealth tax on movable assets.
Government to further hike customs duty on more than 5,200 tariff lines asit has started giving shape to a mini-budget that will be aimed atarresting the yawning budget deficit.
In order to curb imports, the government also considered reducing the agelimit of imported cars from three years to two years and of jeeps from fiveyears to three years, said sources in the finance ministry.
Increasing the regulatory duty on over 900 items, including import ofmobile phones, was also on the government’s list of new taxation measures.
Increase in federal excise duty on cigarettes is also on the cards,according to sources.
However, the most aggressive revenue measure, which is also highlyinflationary, could be to further increase the additional customs duty from2% to 3% on more than 5,200 tariff lines. This single measure can generatearound Rs40 billion in additional taxes.