Measures for KPRA revenue growth enumerated
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Measures for KPRA revenue growth enumerated
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Budget 2021: Customs duty hike to make ACs, mobile phones, spandex expensive but gold, silver, nylon get cheaper
Air conditioners and refrigerators could get expensive by 2.5 percent in the short term because the customs duty on its key component compressors has been hiked to 15 percent. February 02, 2021 / 10:35 AM IST
Duty on shrimp feed in increased to 15% from 5%. Customs duty on cotton raised to 10% from nil. The new Customs Duty structure will be put in place by October 1, 2021.
Imported products such as compressors for refrigerators and air conditioners (ACs), raw silk, spandex fibre, LED lamps, solar lanterns, mobile phones and power banks are set to cost more as Finance Minister Nirmala Sitharaman proposed an increase in the customs duty on a range of items in her Budget 2021 speech.
Widening tax net : K-P generates 66% more tax revenue in FY20
Major levy contribution was witnessed from telecom sector
PESHAWAR:
Established in 2013, the Khyber Pakhtunkhwa Revenue Authority (KPRA) has been making persistent annual collections under Rs11 billion, however in FY19-20, the tax body made a significant collection of Rs17.158 billion, despite the COVID-19 pandemic.
The 66% hike is said to have come with a simple policy approach, ‘tax acculturation’, under which businesses and people were inclined to pay taxes.
According to the KPRA’s annual report, high tax rates do not guarantee higher revenue collection, as the raise can be witnessed even through tax rates pitched on the lower side.