WEB DESK: The Federal Board of Revenue (FBR) has proposed imposing new taxes of more than 1.5 trillion rupees for the next fiscal year to the Prime Minister.
Hum New reported that sales tax rate increases on income food items and proposals for sales tax on solar panels are also under consideration. Despite IMF reservations for the new fiscal year 2024-25, proposals have also been made to reduce taxes on some sectors.
Furthermore, proposals have been made to increase taxes on income items and to levy withholding taxes on food items by increasing sales tax rates or customs duties.
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In addition, companies providing warehousing services for agricultural commodities may receive tax exemptions because farmers often face heavy annual losses due to agricultural produce or crops being damaged.
Proposals include giving tax credits for investment in life insurance, health insurance, and capital investment in microinsurance products.
On the other hand, the proposal to present the federal budget for the new fiscal year on June 10 has come forward. According to sources, the Ministry of Finance is finalizing budget preparations, and Finance Minister Mohammad Aurangzeb will present the budget on June 10.
