Government Plans Petroleum Levy Cut While Seeking Rs. 1.5 Trillion Elsewhere
The government is examining a proposal to gradually reduce the Petroleum Levy to Rs. 5 to Rs. 10 per liter … Read More The post Government Plans Petroleum Levy Cut While Seeking Rs. 1.5 Trillion Elsewhere appeared first on ProPakistani .
The government is considering a proposal to gradually reduce the Petroleum Levy and generate additional revenue through new taxes, reduced exemptions, spending cuts, and better enforcement. The proposal, which aims to raise Rs. 1.5 trillion annually, includes measures such as higher Federal Excise Duty and regulatory duties on luxury imports, expensive vehicles, and high-end consumption.
The plan also explores additional taxes on large companies and high-income individuals, withdrawal of selected tax exemptions, agriculture income, and wealth taxes, as well as a carbon levy. Technology-based tax enforcement, including the use of data from various transactions and GIS and satellite technology, is also part of the plan.
The proposal estimates that these measures could generate hundreds of billions of rupees, although it acknowledges that actual collections may fall short of theoretical potential. The proposal seeks feedback from relevant institutions and will require IMF approval and provincial coordination.
Brief written by urgent.news from ProPakistani's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
