*ISLAMABAD: Federal government has planned to bring another mini-budget tofetch Rs40 billion in taxes on fertilizer, sugar, tobacco and textileindustries.*
According to sources in the Federal Board of Revenue (FBR), the governmentplans to tax multiple sectors to collect Rs30 billion for the PakistanState Oil (PSO).
“More taxes will be imposed on four major sectors through an amendment inthe finance bill,” they said, adding that the amendment will be broughtthrough an ordinance before an executive board meeting of the IMF.
The sources further shared that the inland revenue policy wing of the FBRis preparing proposals for the mini-budget after the government had toreverse its decision to impose fixed taxes on retailers.
“The abolition of the tax has resulted in a loss of Rs40 billion inrevenue,” they said adding that the tax has been deferred until October andfrom November, a new mechanism will be proposed to collect taxes fromretailers.
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On August 04link,following pressure from countrywide traders over the fixed tax regime, thefederal government withdrew the tax on electricity bills for one year.
The development comes after successful negotiations between government teamand traders. Federal Minister for Finance and Revenue Miftah Ismail andFederal Minister for Power Khurram Dastgir Khan hold talks with thebusiness community.
“Govt has decided to withdraw link fixedtax regime on electricity bills for one year,” read the statement issued bythe Finance Ministry.
