Islamabad: The Federal Board of Revenue (FBR) aims to collect around PKR 296 billion from customs duties, as reported in the news on May 29. To achieve this goal, trade taxes, including regulatory duties, will be increased on luxury and non-essential items.
According to the details, the FBR has projected to collect Rs1,091 billion under the head of customs duty during 2023-24, compared to an estimated Rs1,296 billion in 2024-25, reflecting an increase of Rs. 205 billion. The reliance on trade taxes is expected to continue in the next budget to meet revenue targets. Many imported items, such as consumer goods and home appliances, are already subject to various trade taxes like customs duty, regulatory duty, and sales tax.
