ISLAMABAD: To meet the demands of the International Monetary Fund (IMF), the government has decided to increase Federal Excise Duty (FED) on sugary drinks including soft drinks, beverages, energy drinks, and juices under the budget 2023-24.
According to sources within finance ministry, the government has decided to increase FED on imported sugary drinks and juices from 10 per cent to 20 per cent.
Similarly, the federal government has also decided to slap 5 percent FED on urea, say sources.
Federal Government Saturday have imposed new taxes worth Rs 215 billion in the budget to meet International Monetary Fund (IMF) conditions.
Addressing the National Assembly, Federal Finance Minister Ishaq Dar said that the petroleum development levy was increased from Rs50 to Rs60 per litre, claiming that the limit of the levy will not cross Rs60.
For the fiscal year starting next month, the federal government will raise a further Rs215 billion in new tax and cut Rs85 billion in spending, as well as several other measures to shrink the fiscal deficit, he said.
He applauded the amendment suggestions given by the coalition parties. He urged the citizens to pay all the pending taxes as the country needed to increase the tax revenue.
