ISLAMABAD: In what could be bad news for non-tax filers, double advance income tax has been proposed on importing cars in the upcoming budget.
It has also been proposed to levy withholding tax on purchase receipts instead of engine capacity.
Regulatory, additional customs duty has been proposed to be increased on imported vehicles in the new budget.
Instead of engine capacity, there is a proposal to levy withholding tax on purchase receipts.
In the next year’s budget, the target of domestic exports has been set at $30 billion, as per official documents.
Imports are estimated to be $58.70 billion, according to the documents.
The documents also suggest that in the next financial year, the trade deficit will be $28.70 billion.
The current account deficit is estimated to be $6 billion, as per the documents.
There is a likelihood of the current account deficit to be -1.7% of the GDP.
