'Rs34bil tax relief in Budget 2017, new taxes worth Rs120bil'
Tax was increased on talc, imported shoes, garments, perfumes and juices in Budget 2017-18
ISLAMABAD (Dunya News) – Finance Minister Ishaq Dar presented Budget 2017-18 in National Assembly session Friday in which tax relief worth Rs. 34 billion while Rs. 120 billion of new taxes were announced.
Government has increased taxes on talc, imported shoes, garments, perfumes and juices. Chairman Federal Board of Revenue (FBR) Doctor Arshad told media about Rs. 34 billion tax relief and new taxes worth Rs. 120 billion in Budget 2017. The new tax revenue will include Rs. 40 billion income tax, Rs. 19 billion custom duty, Rs. 44 billion sales tax.
5% tax has been raised on imported shoes, clothes, watches, makeup supplies, perfumes, tin food, juices, mineral water, vitamin water and other 565 objects.
Also, one percent duty has been imposed on all electronics products, including non filers, retailers, and distributers. Non filer petrol pump owners will have to pay one pc additional tax. Filers will pay 0.5% tax on their products.
Tax revenue worth Rs. 8 billion will be collected by increasing 0.25 rupees worth duty on cement.
