The fertilizer, sugar, cigarette, and textile industries are expected to face higher levies from the government. These four important industries may face higher taxes as a result of a mini budget, according to Federal Board of Revenue (FBR) sources.
The International Monetary Fund Executive Board meeting is expected to take place before the decree is released, according to FBR sources (IMF).
The sources also disclosed that the Inland Revenue Policy Wing is preparing the specifics of the mini budget.
In order to offset the consequences of eliminating the fixed tax on merchants’ power bills, tax measures are reportedly being considered, according to FBR sources. According to the sources, the elimination of the fixed tax on dealers has resulted in a potential 40-billion-rupee income loss.
Miftah Ismail, the finance minister, chose not to offer any commentary on the suggested mini budget.
A federal law enforcement organization in Pakistan called the Federal Board of Revenue, formerly known as the Central Board of Revenue, looks into tax offenses, questionable wealth buildup, and money laundering.
FBR is controlled by Inspectors-IR, who monitor tax evaders, calculate taxable earnings, and carry out specialized duties for FBR Headquarters. The FBR is responsible for collecting taxes from all citizens and enterprises.
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