Last Updated on: 21st July 2023, 06:19 am
What Are The Tax Changes Expected in FY23 Budget?
The federal budget for the 2023/24 financial year is expected to be presented to Parliament next week.
The sources told media officials that the government is planning several new taxes to boost revenues as the IMF program is still nowhere to be found and the economic difficulties are worsening by the day.
Sources tell us that the sales tax on imported children’s milk could rise from 12% to 18%. Packaged meat and fish are also subject to an 18% sales tax. The government also plans to keep the sales tax increase in the February mini-budget with an 18% sales tax on Schedule Nine categories E and F.
Sales of 18% also remain flat in daily necessities, tea, jam, jelly, soaps, detergents, toothpaste, toothbrush, mouth freshener, packaged green tea, packaged spices, meat grinder, and dishwashing liquid.
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