In the fiscal year 2023-24 budget, the federal government is considering a tax hike on cell phones, automobiles, and other imported luxury goods. According to sources, the government may increase the duty on mobiles worth more than 100 dollars.
Additionally, the forthcoming budget will likely raise the prices of imported items such as energy-saving bulbs, chandeliers, and LEDs.
The government aims to generate revenue between Rs45 and Rs55 billion by imposing a 25% sales tax on luxury items in the budget.
Further details reveal a proposed 25% sales tax on imported branded shoes, purses, sunglasses and perfumes, branded headphones, iPods and speakers, imported doors and windows, bath fittings, tiles, and sanitary items.
Sources also suggested that a 25% sales tax would persist for imported electronic items, makeup products, hair colors, dyes, and pet food.
In a separate development, the federal government will likely allocate Rs102.86 billion for power sector projects in the 2023-24 budget. This proposed allocation is intended to initiate 32 new schemes in the power sector during the fiscal year 2023-24.
