News Column

Budget 2014-15 to provide no tax relief to people

May 29, 2014

No relief against taxes is likely to be provided to the people in the upcoming budget for the financial year 2014-15 and on the other hand federal excise duty on ghee and edible oil is likely to be scaled up from 16 percent to 17 percent.

Finance Ministry and Federal Board of Revenue (FBR) sources said the average rate of custom duty is likely to go up from 6 percent to 8 percent while federal excise duty on sugar is likely to be brought down from 8 to 6 percent in the budget for FY 2014-15. Excise duty on sugar will be non refundable and no refund will be allowed to sugar mills on this count. General Sales Tax (GST) ratio will remain unchanged and it will not decline to any degree. 2 percent withholding tax can be levied on non registered traders falling in sales tax category which will be effective for 3 years..

Duty on import of potatoes is likely to be raised from 25 percent to 45 percent.

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Source: Daily Messenger (Pakistan)

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