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Mini-Budget 2018-19: Govt to increase customs duty on 5000 items, RD on 900 items

Mini-Budget 2018-19: Govt to increase customs duty on 5000 items, RD on 900 items

ISLAMABAD: The Govt has decided to increase customs duty on more than 5,000 items and regulatory duty on import of more than 900 items.

According to details, the federal cabinet approved proposed amendments in the budget today in which it decided to raise the tax rate in the highest income tax slab from 15pc to 29pc. The ‘mini-budget’ will also increase the rate of withholding tax on banking transactions for non-tax filers. The cabinet also approved the issuance of health cards.

The cabinet also approved enhancement of Rs183bn in additional revenue. Half of this will be raised merely through better administrative procedures that utilise technology to plug leakages in the system. The rate of WHT on non-filers has been increased back to 0.6pc on banking transactions.

The govt also decided to increase taxes on cigarettes. “We have also increased some taxes on the rich. We have doubled the federal excise duty on cars of 1800cc engine capacity or more from 10pc to 20pc. We have also decided to increase the duty on several imported luxury products. Likewise, the duty will be increased on expensive phones,” Asad Umer said.