Taxes proposed on 700 products during FY2016-17

ISLAMABAD (92 News) – The federal government has proposed new taxes worth Rs 300 billion on 700 products, increasing prices of daily-use items in the country. Finance Minister Ishaq Dar proposed to increase tax on cement, cold drinks, cigarettes, beetle nut, cosmetics and mobile phones. The minister also announced imposition of at least 0.5 percent tax on petroleum, gas, poultry, fertilizers, pharmaceuticals, flour and ric dealers. The customs duty has been increased by one percent on mineral water, tomato ketchup, biscuits, juices, perfume, shaving foams, toothpaste, shampoo, creams, powder, electronic products, microwave oven, iron, freezers, fridges, water dispensers, fans and satellite dishes. The customs duty has been increased on yogurt, cheese, honey, mushrooms, pickle and other items.