ISLAMABAD: The retailers may face penalty for selling fake, smuggled and non-taxpaid cigarettes as strict action has been proposed against such practices in the Federal Budget for the fiscal year 2024-2025.
Minister for Finance and Revenue Senator Muhammad Aurangzeb proposed the strict action while presenting the Federal Budget 2024-25 in the National Assembly on Wednesday.
According to the minister, the government and the concerned departments were concerned by the availability of such cigarettes in the market.
Availability of the fake, smuggled and non-taxpaid cigarettes in the market was still a challenge despite the launch of track and trace system, he said.
To this end, those shops that found selling cigarettes without tax stamps may face sealing or closure in future.
Finance Minister Aurangzeb presented the Rs18.877 trillion relief-oriented federal budget for the fiscal year 2024-25
.The finance minister said that GDP growth target for the fiscal year 2024-25 is fixed at 3.6 percent, whereas the inflation rate is expected to remain 12 percent.
He said that the budget deficit to GDP during the period under review is estimated at 6.9 percent, whereas the primary surplus is projected at 1.0 percent of the GDP.
The minister said that the Revenue collection of the Federal Board of Revenue is estimated to Rs12,970 billion during up-coming fiscal year, adding that tax revenue collection during the current fiscal year grew by 38 percent and the provincial share would be Rs7,438 billion.
He said that the non-tax revenue targets of the federation are fixed at Rs3,587 billion, whereas the net income of the federal government would be Rs9,119 billion.
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