Govt to Present Another Mini-Budget with RS 300 Billion
ISLAMABAD, January 27, 2023- The government is likely to introduce the mini-budget by promulgating the Tax Laws Amendment Ordinance 2023 prior to the January 31, 2022, session of the National Assembly.
The draft of the Tax Laws Amendment Ordinance 2023 includes 300 billion rupees worth of new taxation measures. After Finance Minister Ishaq Dar consented, the federal cabinet must approve the recommendations. The initiatives are designed to increase the rates of various withholding taxes. This would allow the Federal Board of Revenue (FBR) to collect revenue immediately in February 2022.
The withholding tax on non-filers’ banking transactions would generate Rs. 45 billion. The 3% flood levy or regulatory duties/Additional Customs Duties would generate an additional Rs. 60 billion in revenue. The proposed rise in capital value tax rates on imported and locally built vehicles is expected to yield an additional 10 billion rupees.
The proposed imposition of a tax on banks’ foreign exchange earnings is anticipated to produce 20 billion rupees. The proposed increase in federal Excise Duty (FED) on sugary beverages will yield 60 billion rupees. The expected impact of a further increase in the FED on cigarettes is between 25 and 30 billion rupees. The proposed increase in the advance tax rate on the purchase/sale of real estate would produce between 20 and 30 billion rupees. The proposed revocation of sales tax exemption on imports of raw materials/inputs used in the production of export goods under the “export facilitation scheme” will have a revenue impact of 20 to 25 billion rupees.
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