Govt to ‘hike’ taxes on cell phones other imported items in FY23-24 budget

In the fiscal year 2023-24 budget, the federal government proposes raising taxes on cell phones, automobiles, and other imported luxury items.

According to the reports, the government is considering raising the levy on mobile phones valued at more than $100.

They also stated that imported energy-saving lights, chandeliers, and LEDs will be more expensive in the upcoming FY23-24 budget.

The government hopes to raise Rs45-55 billion in revenue by maintaining a 25% sales tax on luxury commodities in the budget.

Imported branded shoes, branded purses, imported sunglasses and fragrances, branded headphones, iPods and speakers, imported doors and windows, imported bath fittings, imported tiles, and sanitary will all be subject to a 25% sales tax.

According to sources, the sales tax on imported gadgets, make-up, hair colors, dyes, and imported pet food would stay at 25%.

Separately, according to sources, the federal government will allocate Rs102.86 billion for electricity sector projects in the forthcoming budget 2023-24.

In the upcoming fiscal year 2023-24, allocations of Rs102.86 billion have been suggested for electricity sector projects. It has been recommended that 32 new programmes in the power sector be launched.