ISLAMABAD: The federal government has announced plans to increase taxes on imported mobile phones in the forthcoming budget for the fiscal year 2024-25.
Sources reveal that the prices of imported mobile phones are likely to rise as the Federal Board of Revenue (FBR) has proposed the imposition of Federal Excise Duty (FED). Additionally, the FBR has suggested increasing the regulatory duty and the Pakistan Telecommunication Authority (PTA) tax on imported luxury mobile phones in the upcoming budget.
In a related development, the federal government has declared a significant boost in budget allocation for the education sector. The Planning Commission has announced that the education sector will receive an unprecedented allocation of Rs 20.25 billion in the budget for 2024-25. This marks a record increase, reflecting the government’s commitment to enhancing the quality and accessibility of education across the country.
Moreover, it is pertinent to note that the federal budget for 2024-25, initially scheduled for presentation on June 10, is now likely to be presented on June 12. The Pakistan Economic Survey for 2023-24 is set to be unveiled on June 11, following a council meeting on June 10, according to sources.
This move to increase taxes on imported mobile phones is seen as a measure to bolster local revenue and potentially encourage the purchase of locally manufactured phones. The significant increase in the education budget underscores the government’s dedication to improving the educational infrastructure and outcomes.
These financial decisions are part of the broader fiscal strategy that the government will lay out in the upcoming budget presentation, aiming to address various economic challenges while promoting growth and development in key sectors such as education.
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