ISLAMABAD, Feb 23 (EW): Preident Arif Alvi on Thursday accorded approval to the Finance Supplementary Bill 2023.
The approval has been given in accordance with Article 75 of the Constitution.
The bill envisages additional taxes and duties of Rs170 billion to meet the understanding reached with the International Monetary Fund (IMF) for the Extended Fund Facility (EFF).
On February 21, the National Assembly passed the Finance (Supplementary) Bill, 2023,” proposing additional taxes and duties of Rs170 billion to meet the understanding reached with the International Monetary Fund (IMF) for the Extended Fund Facility.
According to the bill, General Sales Tax (GST) will be increased from 17 per cent to 18pc. It has been decided to enhance the GST on luxury items from 17pc to 25pc.
For the air travel, it has been proposed that a fixed amount of Federal Excise Duty (FED) ranging from Rs75,000 to Rs250,000 of different tiers as per the International Air Transport Association on airfare for first, business and club classes should be imposed.
Besides, 10pc withholding adjustable advance tax will be levied on the bills of wedding halls in order to promote simplicity and austerity. The FED will be enhanced on sugary and aerated drinks, while FED will be increased on cement from 1.5 rupees to two rupees per kilogrammes.
Winding up discussion on the Finance (Supplementary) Bill, Finance Minister Ishaq Dar said the government fully realizes people’s problems due to rising inflation, but are compelled to take tough measures to strengthen the economy.
He said the government has allocated an additional amount of 40 billion rupees for Benazir Income Support Programme raising 25 percent stipend of BISP beneficiaries.
Regarding austerity measures, Ishaq Dar said Prime Minister Shehbaz Sharif will soon announce a comprehensive policy to reduce government expenditure.
The House rejected all the amendments moved by the opposition.
The National Commission for Minorities Bill, 2023 was laid before the House. The bill was introduced by Finance Minister Ishaq Dar.
Earlier, the newly elected Member National Assembly Mahmood Baqi Moulvi took the oath of office. He was elected on PTI ticket on a seat vacated due to death of PTI MNA Dr Amir Liaqaut.
Speaker Raja Pervaiz Ashraf administered the oath.
Replying to a calling attention notice, moved by Maulana Abdul Akbar Chitrali regarding delay in the MCQs based preliminary test exam of Central Superior Services of Pakistan, Chief Whip Saad Waseem informed the House that the said exam will be initiated in May this year. for the Extended Fund Facility (EFF).
