In the upcoming budget, it has been proposed to phase out sales and income tax concessions and exemptions.
According to FBR sources, the budget proposes to levy tax on imported tractors, while levying withholding tax on commercial importers is being considered.
Sources say that by imposing a one percent tax on commercial importers, revenue of up to 25 billion rupees is expected annually, while it is also proposed to increase the tax on old imported vehicles.
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.
According to sources, the end of tax exemption is likely to generate revenue of Rs 30 billion in the next fiscal year.
