Govt to Impose Additional Taxes on 4 Major Sectors Through Mini-Budget

The government is likely to impose additional taxes on the fertilizer, sugar, tobacco, and textile sectors. According to sources from the Federal Board of Revenue (FBR), these four major sectors could be taxed more through a mini-budget. The FBR sources said that the ordinance is likely to be issued before the meeting of the Executive Board of the International Monetary Fund (IMF). Moreover, the sources revealed that the Inland Revenue Policy Wing is working on the details of the mini-budget. According to the FBR sources, tax measures are being taken to counter the effects of abolishing the fixed tax on the electricity bills of traders. The sources added that abolishing the fixed tax on traders has resulted in a revenue loss of up to Rs. 40 billion. However, Finance Minister Miftah Ismail refrained from commenting on the proposed mini-budget.