ISLAMABAD: In the budget of the next financial year, there has been a proposal to phase out sales and income tax concessions and exemptions. Sources say that in the upcoming budget, it is proposed to impose tax on imported tractors and consideration is being given to imposing withholding tax on commercial importers, while withholding tax on purchases by commercial importers will be exempted. According to FBR sources, there is a proposal to impose additional tax duty in the budget to discourage the import of wheat. According to the sources, the tax exemption for tractors and pesticides is likely to be abolished in the budget. It is expected to generate revenue of Rs 30 billion in the next financial year.

Source: The Patriot May 12, 2024 17:39 UTC