Budget FY 2024-25: Govt suggest 33 % increase in levy on petroleum products

Islamabad:  Amidst disruptions in the National Assembly on Wednesday, Federal Minister for Finance and Revenue  Senator Muhammad Aurangzeb unveiled the government's proposal for the Financial Year 2024-25, including a 33 percent increase in the levy on petrol and diesel.

The proposal, presented to the National Assembly, suggested for raising the levy on petrol and diesel from Rs60 to Rs80 per litre.

The federal government led by the PML-N emphasized upon raise in the petroleum levy on petroleum products.

Additionally, the government has suggested augmenting import duties on luxury cars valued at over $50,000. Furthermore, the budget proposal calls for an enhancement in the import duty on steel and paper products.

In a bid to bolster revenue, the federal government has proposed noteworthy alterations in tax policies, including the elimination of exemptions on various items based on their categories.

Moreover, the proposal seeks a 50 percent increase in the levy on high-octane, light diesel, and ethanol. Upon approval, a levy of Rs50 per litre would be imposed on high-octane, light diesel, and ethanol.

Senator Aurangzeb also disclosed the government's proposal for an 18 percent sales tax on various categories of mobile phones.