PTI government to tax the Rich in Pakistan: Sources

PTI government to tax the Rich in Pakistan: Sources
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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 as it has started giving shape to a mini-budget that will be aimed at arresting the yawning budget deficit.

In order to curb imports, the government also considered reducing the age limit of imported cars from three years to two years and of jeeps from five years to three years, said sources in the finance ministry.

Increasing the regulatory duty on over 900 items, including import of mobile 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 highly inflationary, could be to further increase the additional customs duty from 2% to 3% on more than 5,200 tariff lines. This single measure can generate around Rs40 billion in additional taxes.

Economy