Sindh Government has proposed increase in 32 taxes and levies to register Rs 36 billion growth in its provincial revenue for the next financial year. The revenue target of the province for next fiscal has been proposed at Rs 230 billion compared to Rs 194 billion for the current financial year.
The budget documents of Sindh Government for next financial year revealed that 32 provincial taxes and levies have been identified, whose rates would be revised upwardly during the next fiscal. Total impact of revision in provincial taxes and levies would stand around Rs 36 billion, which is the highest increase in Sindh revenue in a single year.
The breakup of proposed target for the provincial revenue shows that government has proposed to jack up the collection of GST on services from Rs 100 billion to Rs 115 billion. Whereas, the target for other taxes and levies has been proposed at Rs 115 billion for next fiscal from Rs94 billion for the current fiscal. According to budget document, government has proposed fifty percent increase in fee for alteration of vehicles. It also proposed fifty percent increase in cotton fee to raise additional Rs700 million in next fiscal.
It also proposed imposition of 0.25 percent cess on petroleum and oil production in the province. It also proposed additional levy on 120 square yard plot. The budget has also proposed increase in infrastructure cess to increase its collection to 2.5 billion in the next fiscal from Rs 1 billion in the current fiscal.
Sindh Government also proposed increase in professional tax. It has also proposed hundred percent increase in luxury tax on 3000 cc and above motor cars & jeeps. The proposed increase in terms of rupees is from Rs 100,000 to Rs 200,000. Provincial government has proposed 20 to 50 percent increase on transfer fee of vehicles, which would create a financial impact of Rs7 million.
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