Federal Minister for Finance and Economic Affairs Ishaq Dar has said that the government will present budget 2016-2017 on June 3.
According to reports, the government is going to impose new taxes worth Rs 500 billion in the upcoming fiscal budget 2016-17. Moreover, the government has suggested increasing annual budget collection target from Rs 3,100 billion to Rs 3,600 billion.
It is expected that dairy products prices including milk and electronic products would be increased which will drop another bomb on economically-devastated people.
This time tax defaulters would be held accountable as withholding tax would reach 6 per cent for not paying tax. The government has also suggested increasing regulatory duty on importing products.
The super tax will remain imposed on people with an annual income of more than Rs 500 million while 2 per cent of income tax has also been imposed on property registration.