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Several items, including meat, mobile phones, packaged milk, and medicines, are feared to become more expensive after the National Assembly passed the amended Finance Bill on Friday.
The approval of the tax-heavy bill will lead to a significant rise in prices across various sectors, directly impacting citizens’ daily lives.
- Meat: The chicken, beef, and goat meat prices will increase.
- Mobile Phones: Prices for mobile phones are expected to increase.
- Packaged Milk: Packaged milk will become more expensive.
- Medicines: The cost of purchasing over-the-counter remedies for common ailments like cold and flu will rise.
- Animal Feed: A 10% sales tax will be levied on animal feed, poultry feed, livestock feed, and food made from sunflower seeds and canola seeds.
- Imported Mobile Phones: Imported mobile phones under $500 will face an 18% sales tax.
- Locally Manufactured Mobile Phones: These will also face an 18% sales tax.
- Petroleum Products: The government has revised the petroleum development levy from Rs80 to Rs70, which is still Rs10 higher than the current Rs60/liter rate.
- Engine Oil: A five percent federal excise duty will be applied to engine oil.
The rise in petrol prices will also directly impact the cost of basic commodities.