ISLAMABAD: The government has decided to impose new taxes on mobile phones based on their cost and freight (C&F) value.

The rate of levy per set on mobile phones is C&F value between $30 and $100 will be Rs200 C&F value between $101 and $200 will be Rs600 C&F value between $201 and $350 will be Rs1,800 C&F value between $351 and $500 will be Rs4,000 C&F value between $501 and $700 will be Rs8,000 C&F value of above $701 will be Rs16,000.

Under the proposal, there will be an increase in excise duty on local cigarettes as well.

The excise duty on club, business, and first-class air tickets has also gone up in the range of Rs10,000 to Rs50,000.

It was proposed to increase the excise duty on telecommunication services from 16% to 19.5%.

The tax on banks has been proposed to increase from 39% to 42%. A proposal to increase the tax on banking companies was also included in the budget, and a one-time tax on high-income earners was proposed to reduce poverty.