February 28, 2024

Caretaker government plans to bring mini-budget plan

Tax Mini Budget

Caretaker government plans to bring mini-budget plan

Lahore, Jan 21,2024: The caretaker government prepared a contingency plan to bring a mini-budget while making a strategy to avoid a possible shortfall in the annual tax target.

Under this plan the government is expected to earn 18 billion rupees per month and 90 billion rupees in five months. According to the document, the new taxes under the plan, there is possibility of additional tax on import of machinery, raw material and services, contracts along with sugar, textile and leather products. Further increase in tax and petroleum development levy is planned for the next financial year.

Accordingly Rs 49 billion will be collected this year and Rs 147 billion in the next year, and it is planned to increase the annual target from Rs918 to Rs 1065. The next year’s tax target is to increase from Rs1590 billion to Rs11000.

The caretaker government’s plan to increase tax revenue was shared with the IMF.