ISLAMABAD – 5000 imported products are expected to be taxed as PakistanTehreek-e-Insaf-led (PTI) government will present mini budget tomorrow(Tuesday).
The federal government has decided to impose regulatory duties on 150luxury products and to fix the income tax ratio to the June 30 level isalso 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 tolessen the trade deficit. For this reason, the government is mulling overreducing the age limit of imported jeeps to 3 years and for cars to 2years, from 5 and 3 years respectively.
The government is likely to cut down the federal development programthrough budget. To counter the budget deficit conundrum, the government hasproposed a cut in the federal Public Sector Development Programme fromRs140 billion from Rs800 billion to Rs660 billion along with new taxationmeasures.
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The major customs duty proposal is to increase the additional customs dutyby 1% on 5,200 imported product lines. Besides generating about Rs40billion in taxes, the measure could cut the import bill by around $1billion.
