18% sales tax on imported gadgets and locally manufactured phones.
Description:
The federal government has proposed to impose 18 percent sales tax on the import of mobile phone kits and local supply of mobile devices.
The current rate is Rs. 10 per mobile phone and a flat tax on import of mobile phone sets of Rs. 10 per pack of Rs. 9,270 per set depending on their price. But now the government has proposed 18% tax which is expected to raise revenue by Rs. 33 billion.
Today at 4 pm, Finance Minister Muhammad Aurangzeb will present the Federal Budget 2024-25 in Parliament.The proposed budget is Rs. 18.9 trillion, with a projected deficit of Rs. 9.8 trillion in the next fiscal year. Out of a total budget of Rs. 9.7 trillion was reserved for loan interest payments and other financial obligations.
The Federal Board of Revenue (FBR) targets a tax revenue of about Rs. 12.97 trillion. In addition, the Federal Public Sector Development Program (PSDP) is expected to receive approximately Rs. 1.5 trillion for various development projects.
