Prepar­es draft for federa­l budget 2010-21 with a total outlay of Rs7,570 billio­nISLAMABAD: The federal government has prepared draft for Rs7,570 billion federal budget 2010-21. Tax collection target in the budget is likely to be Rs4,500 billion while development budget is expected to be Rs530 billion. A proposal to levy luxury tax per square foot is under consideration. In addition, farmhouses have been divided into two categories for the implementation of luxury tax. It is proposed to levy a luxury tax of Rs50 per square feet on farmhouses with a covered area of more than 10,000 square feet.

Source: The Express Tribune May 29, 2020 20:26 UTC