Islamabad: Prime Minister Shehbaz Sharif has been proposed to set a tax target of Rs 12,900 billion for the FBR in the next financial year.
According to the sources, in the briefing given to the Prime Minister, FBR proposed to impose more than 1500 billion rupees in new taxes in the next financial year. Shahbaz Sharif directed to finalize the proposals.
Proposals have also been made to increase tax duties on imported goods and levy withholding tax or increase the rate of customs duties by removing sales tax exemption on food items.
Proposals for increasing sales tax rate on supply of imported food items and sales tax on solar panels are also under consideration in the budget.
According to sources, for the new financial year 2024-25, despite IMF reservations, proposals have also been made to give tax exemptions to certain sectors.
Companies providing warehousing services for agricultural commodities are likely to get tax exemption as the farmers face huge annual losses due to under-production or spoilage of commodities.
Establishment of warehouse warehouses, tax incentives for insurance sector are proposed. A 10-year tax exemption can be granted on imported storage and warehouse equipment. The aim of which is to ensure food security in the country. With this, many agricultural commodities including wheat, rice and fruits can be preserved for a long time, farmers will be able to store their commodities in warehouses and storage centers.
Tax credit on investment in life insurance, health insurance and tax exemption on investment in micro insurance products are also proposed.
There is possibility of tax credit on payment of premium to personal accident, travel insurance, householders and tax credit is also proposed on life insurance, health insurance, private motor insurance.
