ISLAMABAD: The Federal Board of Revenue (FBR) has forwarded a draught of the updated finance bill to the Ministry of Law in order to propose the mini-budget.
According to reports, the financial bill would be submitted to Cabinet once the law ministry has approved it.
According to information, the new budget bill contains a proposal to repeal the Rs350 billion tax exemption, and the government has also altered the Tax Laws (Fourth) Amendment Bill.
Furthermore, changes to schedules five, sixth, seventh, eighth, and ninth have been suggested to abolish tax exemptions.
According to reports, the petroleum development levy objective would be decreased from Rs600 billion to Rs356 billion, and tax exemptions on mobile phones, stationery, and packaged food products will be eliminated.
They said that, in addition to exports, the sales tax exemption would be removed from zero-rating, and a sales tax rate of 17 percent will be applied to products when sales tax exemption is greater.
Tax breaks for certain industries are also likely to be eliminated.
According to reports, the revenue board has suggested giving the Prime Minister the authority to increase or reduce the petroleum development fee, as well as raising the tax collection goal from Rs5,829 billion to Rs6,100 billion.