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Finance Minister Muhammad Aurangzeb unveiled his inaugural federal budget on Wednesday, featuring a comprehensive outlay of Rs18.9 trillion.
As per details, the Federal Board of Revenue (FBR) anticipates tax collection to reach Rs12,970 billion, marking a 38% increase from the current fiscal year.
To combat the sale of counterfeit cigarettes, the federal government has decided to crackdown on illicit factories, sealing those found guilty. Under the Shehbaz-led cabinet, a Rs44.000 tax is to be levied on materials used in cigarette filter production. Additionally, a 5% tax will be imposed on the acquisition of new plots, residential, and commercial properties.
Also read: Key highlights of federal budget 2024-25
In efforts to bolster GST on textile products, the government has introduced an 18% sales tax on branded shoes and apparel.
The finance minister announced a shift in advance tax on vehicle registration, now based on price rather than engine capacity.
Further, it is proposed to raise advance withholding tax for non-filer retailers and wholesalers from 1% to 2.25%.
In the realm of petroleum products, a hike in petroleum levy is planned: Rs20 on petrol and diesel, Rs25 on superior kerosene oil, light diesel, and high-octane, e-10 gasoline.
