ISLAMABAD: The government has decided to impose new taxes worth Rs 150 billion in the upcoming fiscal budget 2016-17 as the ‘mini-budget’ presented on December 1, 2015, will also be merged into the federal budget.
Rs 40 billion worth taxes that were part of last year’s mini-budget have also been added in the upcoming budget along with additional taxes which are around Rs 26 billion, resulting in the increase in the prices of basic items, including soap, toothpaste, make-up products, cellular phones and eatables.
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Furthermore, customs duty shall be increased on imported milk, butter, dry milk, imported chicken, fish, tin fruits, olive oil etc. The prices of warm jackets, coats, shoes and bags shall also escalate as a result of the increase in the taxes. Additional excise duty will have to pay on cigarettes as well.
Federal Finance Minister Ishaq Dar has said that the government will present budget 2016-2017 on June 3.
“Budget for the upcoming fiscal year 2016-2017 will be presented in the National Assembly on June 3 as per directives of the Prime Minister Mohammad Nawaz Sharif,” said a brief handout released by the Ministry of Finance.
Meanwhile, the federal cabinet will also meet on Monday to June 3 to approve the Finance Bill for the next financial year.
The government has summoned the National Economic Council (NEC) on Monday. Under the Constitution, the NEC – led by the Prime Minister and comprising four chief ministers and as many federal ministers – has to formally approve the country’s annual development programme (ADP) and macroeconomic framework.
