The initial document of the budget speech shared by the Ministry of Finance with journalists contained the proposal for a cut in FED. However, surprisingly the proposal wasn’t mentioned by the finance minister during his speech and was missing from the subsequent budget speech uploaded on the Ministry of Finance website.
It is unclear if the government took back its decision of slashing the said FED at the last moment or if it was only added to the speech as a mistake in the first place.
The original story can be read below.
The federal government reduced the Federal Excise Duty (FED) on telecommunication services from 19.5 percent to 16 percent in the federal budget for the fiscal year 2023-24.
Finance Minister Ishaq Dar while presenting the federal budget on Friday said the government had decided to decrease FED on telecom services.
Last year, the federal excise duty on telecom services was increased to 19.5 percent from 16 percent by former Finance Minister Miftah Ismail. For FY24, the FED on telecom services has been reduced and is expected to ease pressure on businesses and most definitely the end-user.
More details will be added accordingly.