Government is intended to increase tax on Luxury items in upcoming budget.

Government is intended to increase tax on Luxury items in upcoming budget.

  • edibles
  • medicines
  • clothing

Tax relief will be provided on medicine, edibles, and basic necessities: F.B.R

 

F.B.R has decided that in the upcoming budget of the year 2021-2022 numerous tax relieves will be revoked, the final draft of the budget is expected to be prepared by the end of March. According to the reports, the government will provide some relief of tax on the medicines and items related to basic necessities. In the upcoming budget, government will also take serious measures to prevent smuggling.

Imposing higher taxes on the luxury items in the budget of 2021-2022 is also being considered by the government. World Health Organization made a recommendation to impose higher taxes on Tobacco products; they further made the recommendation to initiate the system of ‘track and trace’. Government is very seriously contemplating both these recommendations by WHO. 

 


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