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Higher prices for imported food and solar panels expected in upcoming budget

04:28 PM | 30 May, 2024
high price of solar panel and imported food in budget

Prime Minister Shehbaz Sharif has been presented with a proposal to set a tax revenue target of PKR 12,900 billion for the Federal Board of Revenue (FBR) for the upcoming fiscal year.

Sources indicate that during a briefing to the Prime Minister, the FBR recommended new taxes exceeding PKR 1,500 billion for the next financial year. Shehbaz Sharif has instructed that these proposals be finalized.

The recommendations include increasing tax duties on imported goods, removing sales tax exemptions on food items, and imposing withholding taxes or raising customs duty rates. There is also consideration of increasing the sales tax rate on imported food items and imposing sales tax on solar panels.

Despite reservations from the International Monetary Fund (IMF), there are suggestions to grant tax exemptions to certain sectors for the fiscal year 2024-25. One proposal includes tax exemptions for companies providing warehousing services for agricultural commodities. 

Additional proposals include tax incentives for establishing agricultural warehouses and the insurance sector. A ten-year tax exemption on the import of storage and warehousing equipment is suggested to ensure food security in the country. This would help preserve wheat, rice, and various other agricultural products and fruits for extended periods, allowing farmers to store their produce in these warehouses and storage centers.

Further suggestions include offering tax credits for investments in life and health insurance and micro-insurance products. Personal accident, travel insurance, and household premium payments could also be eligible for tax credits, along with life, health, and private motor insurance.

The government’s focus on these tax adjustments and exemptions reflects an effort to balance revenue generation with promoting specific sectors, particularly those crucial for the country's agricultural stability and food security.

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US Dollar, Euro, Dirham, Pound, Riyal Rate in Pakistan Today - Currency Rates 23 July 2024

Pakistani currency rates against US Dollar and other currencies on July 23, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.25 for buying and 280.70 for selling. Euro's buying rate remains stable at 354.5 and selling rate is 358.35.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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