The government announced its budget for 2022-23, the financial year starting in July, on Friday. Here are the highlights of the new taxes and rules that will apply:

• Advanced tax on vehicles over 1600 cc is proposed
• For vehicles with electric engine, a 2% tax will be levied
• Non-filers will pay 200% tax
• Government proposes increasing the tax on banking companies from 39% to 42%
• Payments made with credit, debit, prepaid cards to be taxed at 1% and the tax rate for non-filers will be 2%
• Proposal to give tax exemption for the import of solar panels
• Proposal to withdraw sales tax on tractors, agricultural implements, wheat and other crops
• Tax exemption cap increased from Rs600,000 to Rs1.2 million annual earning for salaried class
• Behbud Saving Certificate: Maximum tax on profit from these certificates was at 10% and will be reduced to 5%
• Proposal to exempt charitable hospitals on electricity and local supplies
• Ending custom duty on equipment and machinery
• Imported phones to get more expensive with levy between Rs100 to Rs16,000 depending on price

Those who do not pay taxes in other countries will pay taxes in Pakistan, said Finance Minister Miftah Ismail.