Finance Minister, Haseeb A Drabu, today while justifying most of the tax proposals, announced roll back of the VAT on readymade garments, hosiery and cell phones.
Drabu said given the demands of the House, the VAT on readymade garments, hosiery and cell phones, which was increased from 5 percent to 14.5 percent, will be rolled back.
The Finance Minister clarified that most of the demands made by legislators and business associations regarding exemptions and tax concessions and amnesties have already been announced and requested the legislators to go through the budget proposals thoroughly.
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