Monday, March 4, 2024

FBR prepares mini budget to raise tax on vehicles, Mobile phones.

The Federal Board of Revenue (FBR) has issued a mini-budget in accordance with IMF terms, reversing a Rs350 billion tax break on a variety of products, including mobile phones and imported vehicles.

According to individuals familiar with the situation, the FBR has sent a copy of its proposed mini-budget to reverse tax relief to the law department for review before presenting it to the cabinet for approval.

“The bill will either be tabled before Parliament or adopted through ordinance following cabinet agreement,” they said, adding that schedule 6 of the Finance bill 2021-22 would be altered to reverse tax exemptions.

They went on to say that tax exemptions on mobile phones, stationery, and packaged food goods will be lifted as a result of the proposed measure, as well as eliminating sales tax exemptions on zero-rated sectors.

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