Proposals

• No increase in duties on import of essential items

• Minimum wage proposed at Rs32,000; wages of government employees from Grades 1-16 and Grades 17-22 to be increased by 35pc and 30pc, respectively

• No new taxes for the upcoming year

• Exemption of customs duties on import of seeds for sowing to promote growth in the agricultural sector

• Withdrawal of capping of the fixed duties and taxes on the import of old and used vehicles of Asian Makes above 1300cc

• Services provided by restaurants including cafes, food (including ice cream), parlours, coffee houses, coffee shops, deras, food huts, eateries, resorts and similar cooked, prepared or ready-to-eat food service outlets etc., are proposed to be taxed at 5pc if payment is made through debit or credit cards, mobile wallets or QR scanning

• Grant of exemption of sales tax on contraceptives and accessories

• Increase in withholding tax rate from 1pc to 5pc on payment to non-residents through debit/credit or prepaid cards

• Exemption of customs duties on import of shrimps/prawns/juvenile for breeding in commercial fish farms and hatcheries

• Rs1 billion allocated for health insurance of working journalists

Copyright Business Recorder, 2023