ISLAMABAD – No relief against taxes is likely to be provided in the upcoming national budget for the financial year 2014-15 and on the other hand federal excise duty on ghee and edible oil is likely to be scaled up from 16 per cent to 17 per cent.
Sources inside the Ministry of Finance and the Federal Board of Revenue (FBR) said that the average rate of custom duty was likely to go up from six per cent to eight per cent while federal excise duty on sugar was likely to be brought down from eight to six per cent in the budget for FY 2014-15.
Excise duty on sugar will be non refundable and no refund will be allowed to sugar mills on this count. General Sales Tax (GST) ratio will remain unchanged and it will not decline to any degree. About two per cent withholding tax can be levied on non registered traders falling in sales tax category which will be effective for three years.
Duty on import of potatoes is likely to be raised from 25 per cent to 45 per cent.