ISLAMABAD- No relief against taxes is likely to be provided in the upcoming budget for the financial year 2014-15. On the other hand, federal excise duty on ghee and edible oil is likely to be scaled up from 16 percent to 17 percent.
Finance Ministry and Federal Board of Revenue (FBR) sources said the average rate of custom duty is likely to go up from 6 percent to 8 percent while federal excise duty on sugar is likely to be brought down from 8 to 6 percent in the budget. Moreover, excise duty on sugar will not be 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. Similarly, duty on import of potatoes is likely to be raised from 25 percent to 45 percent.