ISLAMABAD – Federal government is likely to present it’s last budget before Ramadan in the last week of the May.
Federal government is mulling to increase prices of over 1000 consumer items in a bid to collect additional Rs350 billion tax revenue for FY 2017-18.
Sources privy to development revealed that government is all set to hike customs duty on electronics, perfumes, shaving forms, toothpastes, shampoos, creams, biscuits, juices, chocolates, freezer, fridge, water dispenser, fans, satellite dish, and iron items.
Well-informed sources further stated that withholding tax on bank transactions would be increased to 0.6pc from 0.4pc.
Sources further narrated that federal government is eyeing Rs4000 billion budget target for upcoming fiscal year which is around Rs400 billion when compared with previous budget.