Tag: gst
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18% GST on formula milk, baby food slammed
An inflation bomb has been dropped on the Pakistani public as the government, in its new 2024-25 budget, imposed an 18 percent General Sales Tax (GST) on baby food and formula milk – a necessity for the nourishment of children. People have strongly criticised the new tax on its probable risk of worsening malnutrition among…
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IMF wants Pakistan to increase petrol prices
The International Monetary Fund (IMF) conveyed to the Pakistani authorities that while the Petroleum Development Levy (PDL) has considerably increased in recent years, the taxation of petroleum products has declined since 2019. “The relatively low rate of taxation of petrol is also reflected in the sale price relative to other countries.” The IMF emphasized that…
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Govt to maintain 18% GST rate in upcoming budget 2023-24
In the forthcoming budget for 2023-24, it is anticipated that the government will maintain the current standard rate of General Sales Tax (GST) at 18 per cent. Additionally, efforts are being made by the government to increase the rates of withholding taxes, where applicable, with the aim of augmenting tax revenues.
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IMF likely to announce staff level agreement with Pakistan by this week
According to Syed Naveed Qamar, the Federal Minister for Commerce, Pakistan has taken all necessary measures to unfreeze a $6.5 billion credit line and is expected to reach a staff level agreement (SLA) on Extended Fund Facility (EFF) with the International Monetary Fund (IMF) this week. Dr Aisha Ghaus Pasha, the Minister of State for…
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From soap to air tickets: What’s getting costlier after mini-budget?
The Federal Board of Revenue (FBR) has issued an SRO to increase the standard 17 per cent general sales tax (GST) to 18 per cent, which will collect taxes worth Rs115 billion. The remaining Rs55 billion will be generated through other measures mentioned in the Finance (Supplementary) Bill 2023.
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Imported mobiles priced above $500 to become more expensive under proposed GST of 25%
The Federal Board of Revenue (FBR) has put forward a proposal to significantly augment the sales tax on imported mobile phones. This proposal is part of the Finance (Supplementary) Bill, 2023, which incorporates amendments to the Ninth Schedule of the Sales Tax Act 1990, specifically focusing on mobile phones. As per the proposed bill, a…
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Petrol price likely to rise by Rs20 per litre in upcoming review
Oil industry sources report that there may be a Rs20 per litre increase in petrol prices at the upcoming review on February 15, 2023. The increase is based on calculations of the international price of petrol, specifically on a free on board (FOB) basis. During the previous fortnightly review of fuel prices, the government implemented…