ISLAMABAD: Federal government has decided to bring a mini-budget to impose additional taxes of Rs30 billion before an executive committee meeting of the IMF for the release of a USD1.17 billion tranche, ARY NEWS reported.
According to sources in the finance ministry, an ordinance will be brought forward for the collection of Rs30 billion in additional taxes. “The FBR has already made arrangements for collection of Rs30 billion,” they said, adding that the additional funds generated through the mini-budget would be used to make payments to the PSO.
Moreover, the sources said that relief could be given to retailers and shop owners on the fixed tax being collected through their electricity bills. “The additional tax will be able to overcome a gap that would be created after relief to retailers and shop owners,” they said.
On July 31, Finance Minister Miftah Ismail announced relief in tax for shopkeepers who consume less than 150 units of electricity per month.
Addressing a press conference, Ismail said that government is seeking annual tax of Rs36,000 from small shopkeepers and stressed that everyone will have to pay taxes.
“Industries as well as bankers would also have to pay taxes,” he said.
Finance Minister said that another tax will come into force from the next year. “10 percent tax will be imposed on the companies that could not export 10 percent of their output,” he said.
