Islamabad: Federal Finance Minister Senator Ishaq Dar presented the Finance Bill 2023 in the National Assembly, according to which the sales tax on luxury goods has been increased to 25 percent.
Pakistan Finance Supplementary Bill 2023
According to the Finance Supplementary Bill 2023, the rate of sales tax on luxury goods has been increased from 17 percent to 25 percent. The bill proposes a federal excise duty rate of 10 percent on the retail price of beverages, while the GST rate on various goods has been increased from 17 to 18 percent.
In addition to the proposal to levy advance tax on marriage halls and hotels, the Finance Supplementary Bill also proposes to levy advance tax on commercial lawns, marquees and clubs, while a proposal to increase the tax on mobile phones has also been included. Apart from this, there is also a proposal to impose 10% tax on the retail price of beverages along with advance tax on air tickets.
The supplementary finance bill proposes to increase the tax on cement by 50 paisa per kg. In addition, there is a proposal to increase the federal excise duty on cement from one and a half rupees to two rupees per kg. The bill includes a proposal to levy 10% advance tax under Section 236 of the CB.