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June 24, 2019

New taxes may lead to increase in chicken, edible oil prices

Top Story

June 24, 2019

LAHORE: New taxation measures announced in the federal budget may lead to increase prices of chicken meat by Rs 20 per kg and Rs 15 per litre of soybean oil.

The federal government has proposed to enhance sales tax on soybean seeds used in poultry feed from six percent to 17 percent. Similarly, there is a proposal to levy 17 per cent sales tax on soybean seeds used for extracting oil. Both these steps would lead to price hike of two key food items, said Dr Muhammad Arshad, former chairman Pakistan Solvent Extractors Association here on Sunday. He was of the view that the government should carefully look into this issue and should not take any step that could affect the masses.

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