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Government introduces 440 billion rupees new taxes with focus on real property

ISLAMABAD: federal government introduced 440 billion rubles. new taxes with focus on real property sector, in in budget for next fiscal year 2022-23.

AT media briefing, FBR Chairman Asim Ahmad said that the Federal Council of The Revenue Office has proposed to introduce 440 billion rupees. new taxes, including customs duties of Rs 34 billion, sales tax of Rs 90 billion and federal excises. duty and an income tax of 316 billion rupees.

He also said the FBR suggested give relief melody of 85 billion rupees in taxes to the masses in next fiscal year. net effect of taxes will amount to 355 billion rupees.

According to the finance bill, government offered 316 billion rupees new income tax measures for next fiscal year.

The chairman said FBR proposed to introduce a 5% tax on income on non-production immovable as well as unused residential/commercial/industrial sites and farms house.

FBR will give release of one property but he will deduct 25 million rupees from another open site, adding that FBR will raise 30 billion rupees through this proposal.

He also said the FBR has also proposed to increase the 15% capital gains tax from four to six years on fixed property and we are projected to generate an income of 40 billion rupees.

The chairman said that the FBR also proposed to increase in advance tax on purchase of fixed property for non-applicants from existing 2% to 5% and from 1% to 2% for files. He also reported that we would be able to generate an income of 65 billion rupees. in next year.

Asim Ahmad said that FBR also proposed 1% tax on the value of capital on Pakistanis living abroad on their foreign real estate, as well as liquid foreign assets. We estimate that we will collect a tax of 18 billion rupees from Pakistanis living abroad.

Asim Ahmad said that FBR has proposed to increase the advance income tax on luxury vehicles with an engine capacity of more than 1600 cc.

The advance tax will be 150,000 rubles. on from 1601 to 1800 cu. vehiclesRs 200,000 on from 1801 to 2000 cu. cm, 300,000 rupees on 2001cc up to 2500cc, Rs 400,000 on from 2501cc to 3000cc and an advance tax of Rs 500,000 on above 3000cc vehicles.

FBR is expected to raise Rs 10 billion in taxes through this proposal.

FBR offers Rs 3,000 to Rs 50,000 per month. fixed tax for retailers (except Level-1) on electricity consumption.

Retailers will pay Rs 3,000 per month. up to your monthly electricity bill of Rs 30,000, Rs 5,000 per month up to the electricity bill of Rs 50,000, Rs 10,000 per month up to the electricity bill of Rs 100,000, Rs 50,000 per month for special class including car dealers, precious watches like final tax liability on income tax and sales tax, he explained.

FBR will also collect 2% anti-poverty tax on high earnings of all persons (individuals, enterprises) with an income of more than 300 million rupees.

On the other hand, the FBR proposed to increase the limit for taxation of salary class from Rs 600,000 to Rs 1,200,000 by reducing slabs from 12 to 7.

The chairman said there would be no tax on income does not exceed Rs.

It has also it is proposed to introduce a 7% tax on in amount exceeds Rs 1.2 million but does not exceed Rs 2.4 million, Rs 84,000 plus 12.5% on in amount exceeds Rs 2.4 million but does not exceed Rs 3.6 million, Rs 234,000 plus 17.5% on amount exceeds Rs 3.6 million but does not exceed Rs 6 million, Rs 654,000 plus 22.5% on in amount exceeds Rs 6 million but does not exceed Rs 12 million and Rs 2,004,000 plus 32.5% on in amount exceeds 12 million rubles.

Customs measures

FBR Chairman briefed media what does FBR have also proposed to introduce 10% regulatory duty on import of Motor Spirit to solve duty free imports under the China-Pakistan Free Trade Agreement (CPFTA). According to our estimates, we will receive an income of 30 billion rupees. in next yearhe added.

It has also it was proposed to strengthen the customs duty 10 to 11 percent and 2% additional customs duties duty on import of Synthetic thread, monofilament and staple fiber of Polypropylene.

FBR has also suggested to revoke the RD exception on import of high carbon wire rod as well as embossing and enlarging foil in RD rate on fiber optic cables from 10% to 20%.

sales tax

IR member policy FBR reported that FBR also it is proposed to introduce a sales tax of 3% on compressor scrap, engine scrap and copper cutting scrap metal, even if it is imported by manufacturers.

According to the finance bill, new charge up offered up to 16,000 rubles. on import of mobile handsets. There will be a fee of 100 rupees for set on a mobile Telephone with cost and freight cost (C&F) of up up to 30 dollars. rate of fee for set on mobile phones with a C&F cost between $30 and $100 will cost $200. rate of fee for set on mobile phones with C&F prices between $101 and $200 will cost $600.

Similar rate of fee for set on mobile phones with C&F prices between $201 and $350 will cost $1,800. rate of fee for set on mobile phones with C&F prices ranging from $351 to $500 will cost $4,000. rate of fee for set on mobile phones with C&F prices ranging from $501 to $700 will cost $8,000. rate of fee for set on mobile phones with C&F value of above $701 will be 16000.

On the other hand, he has also proposed to exclude all types of seeds, power generation projects, solar panels, tractors, local supplies to charity hospitals and imports by UN diplomats, privileged persons from sales taxes from next month.

federal excise duty

He also said the FBR has also it is proposed to increase the Federal Excise Duty (FED) from Rs 5,200 to Rs 5,600. on locally produced cigarettes, if on printed retail packaging price exceeds 5960 rupees for 1000 cigarettes.

Meanwhile, he has also it is proposed to increase the FED from Rs 1650 to Rs 1850. on locally produced cigarettes, if on printed retail packaging price exceeds 5960 rupees for 1000 cigarettes.

In addition, FBR has also it is proposed to increase the FED from Rs 10,000 to Rs 50,000. on club, business as well as first class travel air.

Moreover, he has also it was proposed to increase in rate of FED on Telecom services from 16% to 19.5%, which means phone calls will expensive from next month.

The chairman of the FBR stated that the FBR would collect 6,000 billion rupees in taxes. in outgoing year And we set Rs 7002 billion tax revenue target for next fiscal year.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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