Mini budget: What Items are being taxed by PTI government?

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Mini budget: What Items are being taxed by PTI government?

ISLAMABAD – 5000 imported products are expected to be taxed as Pakistan Tehreek-e-Insaf-led (PTI) government will present mini budget tomorrow (Tuesday).

The federal government has decided to impose regulatory duties on 150 luxury products and to fix the income tax ratio to the June 30 level is also under consideration in new mini budget which will be tabled today (Tuesday).

PTI’s focus is to curb imports while increasing the exports in a bid to lessen the trade deficit. For this reason, the government is mulling over reducing the age limit of imported jeeps to 3 years and for cars to 2 years, from 5 and 3 years respectively.

The government is likely to cut down the federal development program through budget. To counter the budget deficit conundrum, the government has proposed a cut in the federal Public Sector Development Programme from Rs140 billion from Rs800 billion to Rs660 billion along with new taxation measures.

The major customs duty proposal is to increase the additional customs duty by 1% on 5,200 imported product lines. Besides generating about Rs40 billion in taxes, the measure could cut the import bill by around $1 billion.