The government has presented a deficit budget while GDP growth witnessed the highest increase during our government in 30 years,” he added. “We think that the unemployment rate will go up to 25-30% while increasing the petroleum levy will increase petrol further by Rs35 per litre. But his single measure – the proposal to slap Rs50 per litre petroleum levy for additional Rs300 billion income – has not only overshadowed some good measures but may also make it challenging for the coalition partners to defend the budget. The government has proposed Rs740 billion new taxes, including Rs440 billion tax measures proposed by the Federal Board of Revenue. Some of the major relief measures will be offset by the increase in petroleum prices rates due to Rs50 per litre levy along with 17% sales tax.

Source: The Express Tribune June 11, 2022 17:57 UTC