Government Plans to increase Smart Phone Taxes
Taxes on mobiles and automobiles larger than 1000cc will be raised as the federal govt plans to raise duties on imported goods, according to Media.
According to the suggested tax rise on imported commodities, the govt intends to rise regulatory duty on tyres by 50%, machinery by 10%, and domestic machinery by 50%.
According to FBR sources, a 30% rise in regulatory tax on power generating machinery and a 10% increase on steel items are also planned for the budget 2022-23.
“100% regulatory charge would be levied on vehicles exceeding 1000cc,” they claimed, adding that tax on smart phones will be doubled and raised from Rs6,000 to Rs44,000.
It has also been proposed that the regulatory charge on imported tiles be increased by 40%.
According to reports, the measures are intended at reducing the country’s current account imbalance, which has widened due to increased imports.
It is worth noting here that the government’s indecision on important steps to halt the US dollar’s upward slide has resulted in the greenback’s growing streak vs the rupee, which touched an all-time record of Rs200 in the market on Wednesday.
The greenback climbed Rs1.68 in the interbank market from the last day’s close of Rs196.50, reaching Rs197.66 around 11:26 am, as per the Forex Association of Pakistan (FAP).