ISLAMABAD Web Desk) – Loaded by new taxes, the annual budget for 2015-16 fiscal year will be presented in the National Assembly today (Friday).
Finance Minister Ishaq Dar is all set to raise revenue of 600 billion from salaried people, labourers, farmers to milk-feeding children by applying direct and indirect tax on already poverty-stricken masses.
Withholding tax will likely to be imposed on first and business class air tickets, besides 10% customs duty on baby diapers. Air conditioners and freezers will also get expensive after withdrawing customs duty.
According to details, new taxes will be imposed on petroleum products, while 30% corporate tax will be charged on housing and construction. However, the prices of milk, cigarette, sugar, beverages, cooking oil and imported machinery are also expected to be raised.
It is also proposed to put withholding tax on air traveling while a 2% to 5% increase in withholding tax on imports is also expected.
Zero-rated dairy products like milk, yogurt, cheese and eggs will also be taxed.
After withdrawal of customs duty, daily use appliances like air conditioner, freezers and refrigerators will become costly.
To bear the security expenses in the wake of country’s war against terrorism, a surcharge for three years will be implemented on the people and companies with earning more 50 million.
5% additional tax will also be imposed on nonregistered/ non active subscribers of gas and electricity.
Corporate tax will be 30 % till 2018, while Pakistanis having property overseas will also have to pay new income tax with a ratio of 15 percent.
Instead of imposing federal excise duty directly on net buyer, it will be charged according to Sales Tax Act. No duty on FED rather will be imposed on retail price.
