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Rs 255bn taxes likely in budget 2014-15

KARACHI: The government is expected to impose new taxes of Rs 255 billion in the upcoming budget for the fiscal year 2014-15, ARY News reported Monday.

According to sources in the finance ministry, the government is attempting hard to end fiscal deficit and planned to impose new taxes of Rs 255 billion in the upcoming budget.

The new taxes will mainly hit middle-class segment and non-industrial class.

Besides, tax proposals include withdrawal of tax exemptions granted through Statutory Regulatory Orders (SROs) and increase in existing tax rates.

Sources told that amount of exemptions that can be withdrawn stood at Rs240bn out of total Rs 440 billion in the upcoming budget.                                                                                                                                    

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