Govt decides to impose new #taxes worth Rs700bn in #Budget 2023-24
#ISLAMABAD (MNP) – The federal #government has decided to impose new taxes to the tune of Rs700 #billion in the upcoming #budget for #fiscalyear 2023-24.
After intensive consultation with the International Monetary Fund (#IMF), the government would set Rs9,200 billion as #tax collection target for the Federal Board of Revenue (#FBR), around Rs1,900 billion more than the outgoing fiscal year.
The government has finalised the #Finance #Bill, which has proposed an increase in withholding tax (#WHT) on import of luxury items. Furthermore, it has proposed to double the WHT for non-filers on buying and selling in property sector.
Similarly, the bill has proposed hike in WHT on trade of prize bonds.
