Under the upcoming mini-budget, the government has decided to apply a 20% Federal Excise Duty (FED) on sugar-containing beverages, such as soft drinks, beverages, energy drinks, and juices.
According to senior Ministry of Finance officials who spoke with Shout Me Please, the proposal to increase the Federal Excise Duty (FED) on sugary drinks will bring in Rs. 60 billion over the course of the remaining fiscal year.
Similarly, the planned effect of a further increase in the FED on cigarettes has been estimated at Rs. 25–30 billion.
Increasing the ordinary rate of one percent sales Tax from 17 to 18 percent by the issuance of the Tax Laws Amendments Ordinance, 2023, will produce Rs. 650 billion for the Federal Board of Revenue (FBR) between February and June (2022-23), according to FBR projections.
The proposed withholding tax will generate close to Rs. 45 billion in revenue from banking transactions of non-filers. The increased customs charge or three percent flood levy might bring in an additional Rs 60 billion.
As a result of the latest Supreme Court of Pakistan judgment, reports claim that the FBR would also be able to recover between Rs. 75 and Rs. 150 billion in super tax from high-income individuals.
