In the budget for FY2023–2024, the federal government has suggested raising the tax rate on automobiles, cell phones, and other imported luxury goods.
Govt hike imported items in the budget: According to the reports, the government is considering raising the tax on mobile devices that cost more than $100.
They further stated that the next budget for FY23–24 will increase the cost of imported chandeliers, LEDs, and energy-saving lights.
By maintaining a 25% sales tax on luxury commodities in the budget, the government hopes to raise between Rs45 and Rs55 billion.
The authorities have announced a 25% sales tax on imported designer handbags, sunglasses, perfume, headphones, iPods, and speakers, and imported doors, windows, bath fixtures, tiles, and sanitation.
According to sources, the sales tax on imported gadgets, cosmetics, hair dyes, colors, and pet food would all remain at 25%.
The federal government is anticipated to allocate Rs102.86 billion for developments in the power industry in the upcoming budget year 2023-24.
However, They have proposed a budget of Rs102.86 billion for the power sector’s projects in the upcoming fiscal year 2023-24. In addition, they have recommended the implementation of 32 new power sector initiatives.