The prices of petroleum products are expected to escalate again due to the tough conditions of the International Monetary Fund (IMF) in the mini-budget to be presented today (Wednesday) in the National Assembly by the PTI-led government.
Taxes and duties on over 1700 items will be increased in the mini-budget besides elevated prices of gas, power, and petroleum products because of the stringent conditions of the IMF. Additionally, the prices for all luxury items and imported goods will increase with the surge in taxes, including those on make-up items and imported diapers.
The sales tax on locally made items is also likely to jump from 12 percent to 17 percent along with customs duties on imported fragrances, shoes, and clothing.
According to sources, the total revenue from duties and taxes will be Rs. 340 billion, sales tax will climb to 17 percent, and the tax rate may rise from five to seven percent.
The current prices of vehicles are also going to be affected by the surge in taxes, including locally built and imported cars. Furthermore, the federal tax duty (FED) on vehicles is expected to rise to 2.5 percent while the sales tax on tractors is likely to go up by five percent.
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