Hi everyone! I hope you are all doing well. Welcome back to another blog. This article will discuss the topic in detail “Anticipated Tax Reforms in FY23 Budget”. Next week, it is anticipated that the government will present the federal budget for the fiscal year 2023-24 to Parliament. In an effort to boost revenue, the government is devising plans to implement a range of fresh taxes.
Unfortunately, despite the pressing economic challenges faced by the country, the expected IMF program has yet to materialize. As each day passes, the economic woes worsen, exacerbating the need for immediate solutions.
Reliable sources indicate potential plans to raise the sales tax on imported milk for children. The current tax rate of 12 percent may increase to 18 percent if the plans are implemented. Similar considerations are being made for packaged meat and fish. These products may also face an 18 percent sales tax.
The government has decided not to make any changes to the current sales tax rate of 18 percent, which will continue to apply to a range of essential daily-use items. Although, these include popular products like tea, jam, jelly, soaps, detergent, toothpaste, toothbrush, mouth freshener, packed green tea, packed condiments, meat grinding powder, and dishwashing liquids. Moreover, rest assured that the tax rate on these items will remain steady, ensuring affordability and accessibility for consumers.
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