The mini-budget prepared by the FBR is likely to be presented at the federal cabinet meeting today.
The amended finance bill will be introduced in the federal cabinet in which the tax exemption of Rs 50 billion will be abolished and the tax collection targets will be increased from Rs 271 billion to Rs 6100 billion.
The petroleum development levy will be increased by Rs 4 per month to Rs 30. It is proposed to give the power to increase or decrease the petroleum development levy to the Prime Minister.
According to the proposals being prepared, the development budget will have to be reduced by Rs 200 billion, tax exemptions on mobile phones, stationery and packaged food are likely to be abolished and electricity bills will also be gradually increased.
In addition, a proposal to increase the tax rate on vehicles larger than 800 cc and ban the import of luxury vehicles is also part of the amendment bill.
According to sources, it has been proposed to increase the duty on imported food for dogs and cats or to ban it, while the proposal to increase the duty on cosmetics is also part of the amended finance.
The proposed ban on the import of canned food items is also included in the amended finance bill and the discount on sales on mobile phones is being abolished.
An advance tax is being levied on the import of foreign dramas through an amendment bill.
Measures are also being proposed to digitize the economy, to make public the tax details of government officials, and to continue the concessions given to the real estate sector.
The powers of the FBR Collector are being curtailed by amending the Customs, Sales Tax and Income Tax laws in the Finance Bill.