KARACHI: The regime is expected to impose new taxes of Rs 255 billion

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The regime is expected to impose new taxes of Rs 255 billion in the coming budget for the financial year 2014-15.

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According to informants in the finance ministry, the government is attempting hard to end fiscal deficit and projected to impose new taxes of Rs 255 billion in the coming budget. The new taxes will mainly hit middle-class segment and non-industrial class.

Also, tax proposals include withdrawal of tax exemptions granted through Statutory, Regulatory Orders (SROs) and increase in existing tax rates.

Sources told that amount of freedoms that can be withdrawn stood at Rs240bn out of total Rs 440 billion in the coming budget.

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