The budget proposes to abolish tax concessions and exemptions

Islam Abad (94 news) Next Budget 25-2024 There was a proposal to phase out exemptions and exemptions from sales and income tax.

According to the sources, it is proposed to impose tax on imported tractors in the upcoming budget, while withholding tax is being considered on commercial importers. Withholding tax is exempted on purchases of commercial importers in the country, in the next budget it is proposed to impose income tax withholding on the income of commercial importers.

Annually by levying a one percent tax on commercial importers 25 Revenue is expected up to billion rupees, while the proposal to increase the tax on old imported vehicles is also under consideration.

An additional tax duty is proposed to discourage import of wheat, while tax exemptions on tractors and pesticides are likely to be removed in the budget. In the next financial year from the expiry of tax exemption 30 Expected to generate billions of rupees in revenue, the removal of tax exemptions on tractors and pesticides will further increase agricultural costs. Tractors and pesticides are exempted from sales tax in the country this year.