ISLAMABAD – In bid to accumulate revenue amounting to Rs 5500 billion inthe upcoming budget, the government is mulling over abolishing zero-ratingregime for five export-oriented sectors and bringing income of distributorsand dealers into the tax net.
An estimate by Federal Board of Revenue (FBR) states that revoking zerorating-regime for five export-oriented sectors will generation Rs75 billionin fiscal year 2019-20.
The FBR is also mulling over slashing taxes on import of mobile phones inthe range of 10pc to 20pc.
The board has also urged government to slap GST at rate of 70pc. The GST onsugar will be brought at the standard rate of 17 percent.
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The excise duty on aerated and beverages will be brought into the tax net.On the other hand, the government is also mulling over reducing taxableincome ceiling from Rs1.2 million to Rs0.8 million.
The government is considering revising taxable income ceiling from Rs1.2million to Rs0.8 million. By revising taxable income ceiling, governmentaims to collect an additional Rs90 billion in terms of tax.
