Govt proposes increased taxes on imported luxury items in FY2023-24 budget
The Sources say that the government is contemplating an increase in duties on mobile phones valued over $100.
ISLAMABAD: (UrduPoint/Pakistan Point News-June 5th, 2023) The proposed budget for the fiscal year 2023-24 includes plans by the Federal government to raise taxes on various imported luxury items such as cell phones, cars, and more.
According to reliable sources, the government is contemplating an increase in duties on mobile phones valued over $100.
Furthermore, imported energy-saving bulbs, chandeliers, and LEDs are expected to become pricier in the upcoming budget.
In an effort to generate revenue, the government aims to impose a 25% sales tax on luxury items, with the goal of accumulating an estimated Rs45 to 55 billion.
This tax rate will apply to imported branded shoes, purses, sunglasses, perfumes, headphones, iPods, speakers, doors, windows, bath fittings, tiles, and sanitary products.
According to insiders, the sales tax on imported electronics, makeup goods, hair colors, dyes, and pet food will remain at 25%. Additionally, sources have revealed that the power sector will receive a significant allocation of Rs102.86 billion in the forthcoming 2023-24 budget. The recommendation includes the launch of 32 new schemes within the power sector.