The 1 percent increase in the sales tax rate from 18 to 19 percent would not be done through the upcoming Finance Bill 2024 due to its inflationary impact on the general public.
The rate would likely remain unchanged in the budget (2024-25).
The FBR had suggested a 1 percent increase in the sales tax rate, projecting an additional revenue generation of Rs. 40-50 billion for the fiscal year 2024-25. However, Prime Minister Sharif declined this proposal, citing the potential for immediate inflationary effects on the general public.
The budget proposal of raising the sales tax rate from 18 to 19 percent was again discussed between the Federal Board of Revenue (FBR) and top government decision-makers. The government has again rejected the proposal and the 18 percent sales tax would continue from the next fiscal year (2024-25).
Prime Minister Shahbaz Sharif has rejected this proposal of raising the standard rate of sales tax from 18 to 19 percent.
Date: 11-06-2024
Team M-Square Consulting
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