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.
With a blend of new taxes and rupee devaluation, the tax collection couldincrease to Rs4.5 trillion during the current financial year, Rs5.8trillion by June 2020 and Rs7 trillion by June 2021, respectively.
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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.
