What are expected tax changes for Budget 2023-24?

The federal budget for fiscal years 2023-24 is expected to be presented to Parliament next week.

According to news, the government is planning several new taxes to increase revenue, with the IMF programme still missing and the country’s economic woes worsening by the day.

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According to our sources, the sales tax on imported milk for children may rise from 12% to 18%. Packaged meat and fish will also be subject to an 18% sales tax. The government also intends to keep the sales tax increase in the February mini-budget, with an 18 percent sales tax on the E and F categories of the ninth schedule.

Tea, jam, jelly, soaps, detergent, toothpaste, toothbrush, mouth freshener, packed green tea, packed condiments, meat grinding powder, and dishwashing liquids will all retain their 18 percent sales.