Govt to impose new taxes worth Rs 500 billion in coming fiscal budget
2% of income tax has also been imposed on property registration
LAHORE (Dunya News) - In the upcoming fiscal budget 2016-17, the government is going to impose new taxes worth Rs 500 billion, Dunya News has learnt on Thursday.
Moreover, the government has suggested increasing annual budget collection target from Rs 3100 billion to Rs 3600 billion.
It is expected that dairy products prices including milk and electronic products would be increased; in this way, another economic bomb would be dropped on economically devastated people.
This time, tax defaulters would be held accountable as withholding tax would reach to 6% for not paying tax. The government has also suggested increasing regulatory duty on importing products.
Super tax will remain imposed on people with an annual income of more than Rs 500 million while 2% of income tax has also been imposed on property registration.
