ISLAMABAD: Taxes on imported vehicles and luxury items are likely to increase in the new fiscal year budget. According to the sources, in the upcoming budget, there is a possibility of increasing the tax on imported vehicles of more than 1300 cc, while it is proposed to increase the withholding tax on all new vehicles of more than 850 cc. Sources said that in the upcoming budget, there is a proposal to impose more tax on cash withdrawals from banks by non-filers, it is also proposed to increase the advance tax from 0.6 to 0.9 per cent on withdrawals of more than 50,000 from banks by non-filers. It is estimated to collect more than 15 billion rupees from the increase in advance tax on cash withdrawals. Sources say that the budget also proposes to increase the tax on the import of non-essential and luxury items, in the upcoming budget, it is also being considered to eliminate or reduce the tax concessions in the sixth schedule.

Source: The Patriot May 15, 2024 15:25 UTC