Pakistan

Budget 2021-22: Government plans to cut taxes to reduce car prices

ISLAMABAD: The Government of Pakistan Tehreek-e-Insaf (PTI) is set to launch the 2021-22 budget in the National Assembly today (Friday).

Well-appointed analysts told ARY News that the federal government has planned to cut taxes on small car services in the 2021-22 budget in order to lower their prices.

Also Read: Using Rs 8tr, the PTI government to unveil the FY22 budget today

He said sales taxes, duties and other motor vehicle tax increases to 850cc could be reduced.

In addition, sources added that the government will reduce taxes on new types of motorcycles and tractors.

Also Read: FBR wants more than Rs2,500bn

Sources said the federal government would provide $ 1,330 billion in defense and Rs3,105 billion for the distribution of interest. Gross domestic product (GDP) is set at 4.8% in the 2021-22 budget.

The Federal Board of Revenue (FBR) tax next year will be set at Rs5,829 billion, adding that the government will provide $ 26.80 billion to $ 55.30 billion.

The government has set the current budget of $ 2.30 billion in the 2021-22 budget while foreign investment will reach $ 31.30 bn. He plans to release Rs994 billion for various groups with 501 billion in funding.

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