ISLAMABAD – Pakistan has informed International Monetary Fund (IMF) to levyfederal excise duty (FED) on imported and domestically manufacturedvehicles.
The Washington-based lender has been told by the government that it willraise the sales tax on petroleum products besides hiking petroleumdevelopment levy rates.
According to a report in *Express Tribune, *with a blend of new taxes andrupee devaluation, the tax collection could increase to Rs4.5 trillionduring the current financial year, Rs5.8 trillion by June 2020 and Rs7trillion by June 2020, respectively.
Also, imported and domestically manufactured vehicles may be levied withfederal excise duty and likewise withholding tax rates on non-filers and onimports of finished goods will be massively jacked up.