ISLAMABAD: Pakistan’s Federal Minister for Finance Muhammad Aurangzeb has proposed major changes in tax policies while presenting the federal budget for the fiscal year 2024-25.
In his budget speech on the National Assembly floor, the minister said that the government has proposed 18 percent sales tax on mobile phones.
The government proposed key changes in tax policies, aimed at increasing revenue. Similarly, there is a suggestion to withdraw exemptions on various items depending on phone categories.
The retailers may face heavy penalties for selling counterfeit, smuggled and non-taxpaid cigarettes as strict action has been suggested against such practices in the Federal Budget for the fiscal year 2024-2025.
Minister for Finance and Revenue Senator Muhammad Aurangzeb proposed strict measures and said the government and the concerned departments are concerned by the easy availability of such fake cigarettes in the market.
The National Assembly (NA) started with a two-hour delay as key coalition partner Pakistan Peoples Party (PPP) was displeased with the budget proposals. Prime Minister Shehbaz Sharif also attended the session.
