ISLAMABAD: The federal cabinet is likely to approve 25% sale tax via circulation summary today, ARY News reported on Friday.
As per details, the increase in sales tax on luxury items will earn Rs 15 billion for FBR in four months.
The Federal Board of Revenue (FBR) will issue the notification after approval via circulation summary.
The sales tax will be 25% on the imported electronics items, make up products, imported pet food, branded shoes, imported purse, shampoo and imported headphones.
Earlier today, Pakistan apprised the International Monetary Fund (IMF) of the implementation of demands for the revival $7 billion Extended Fund Facility (EFF) stalled for months.
Read more: PAKISTAN APPRISES IMF OF IMPLEMENTATION OF DEMANDS
Sources had told ARY News that the officials from Ministry of Finance held talks with IMF and apprised it of the implementations of demands tabled for the revival if stalled loan programme.
A decision to hold virtual talks between Pakistan and the Fund will be made tomorrow. During today’s meeting, the officials discussed performance of State Bank of Pakistan (SBP) and informed about the increased in monetary policy rate.
