Mobile phones are set to become more expensive as the government proposes an 18% sales tax on different categories of mobile phones in the new financial year.
This was announced by Federal Finance Minister Senator Muhammad Aurangzeb during his presentation of the annual budget for 2024-25, which totals over 18 trillion 87 billion rupees.
During his budget speech in the National Assembly, the Finance Minister outlined several key principles of this year's tax policy, aimed at increasing the tax-to-GDP ratio by broadening the tax base. The policy also focuses on digitizing the economy to eliminate undocumented businesses and imposing higher taxes on high-income earners under a progressive tax system.
Additionally, the Finance Minister mentioned that the business transaction tax for non-filers will be significantly increased, further emphasizing the government's commitment to improving tax compliance and revenue generation.