ISLAMABAD: Prices of petroleum products are likely to go up after PTI-led Government will get its mini budget approved from the National Assembly.
Tough conditions imposed by the International Monetary Fund (IMF), the country may face high inflation that prices of petroleum products likely to go up following the passage of mini-budget to be presented by the government.
Not only petroleum products, prices of power, gas and essential commodities will increase due to the mini budget that include tough conditions of the IMF, while taxes and duties on more than 1700 items will also be increased in the mini budget and taxes on all imported and luxury items will be increased, the analysts said.
Taxes and duties on luxury items, imported diapers, make-up items will be increased and taxes on imported and domestic vehicles will also increase, they said.
They further said that the total revenue from taxes and duties will be Rs 340 billion and sales tax rate is likely to be raised to 17%, while the tax rate on various items may increase from 5 to 7%. The federal excise duty (FED) on cars likely to increase 2.5 percent and sales tax on tractors is likely to increase by 5%.
Customs duties on imported clothing, footwear and perfumes are likely to be increased, while Sales tax on locally made goods is also likely to be increased from 12% to 17%.
Read more: Special meeting of cabinet convened tomorrow for nod of Mini Budget
