New taxes and levies debut via 2017 Budget

The following were some of the new taxes and levies announced in the 2017 Budget yesterday.

nA new levy called Financial Transactions Levy (FTL) as a contribution for social development at the rate of Rs. 5 per Rs. 10,000 on the total cash transactions including easy cash by banks and other financial institutions. FTL will be treated as expenditure for income tax purpose

nA SIM Card Activation Levy (SCAL) of Rs. 200 per SIM to discourage the use of mobile connections temporarily for fraudulent and criminal activities.

nA Carbon Tax for all carbon fuel-run motor vehicles. The emission test fee also will be included in the Carbon Tax.