Tuesday, 28 May 2024
National Assembly Passes Budget Finance Bill 2022

National Assembly Passes Finance Bill 2022

National Assembly Passes Finance Bill 2022

The National Assembly on Wednesday approved Finance Bill 2022 with a majority vote. Budget prepared in accordance with the demands of the International Monetary Fund (IMF).

Further, NA Speaker Raja Pervaiz Ashraf chaired the assembly session.

Furthermore, the budget was approved with a majority vote which led to the passage of Finance Bill 2022 after clause-by-clause reading as well as voice voting along with amendments.

Petroleum Levy

Moreover, NA session gave its decision to impose the petroleum levy by Rs50 per litre in a gradual manner.

Minister of State for Finance Aisha Ghaus Pasha sought approval from the House to increase the petroleum levy. The approval granted immediately.

Finance Minister Miftah Ismail said that currently there is zero levy on the petroleum products in the country. Government said Rs50 petroleum levy will impose gradually.

Other amendments approved in the Budget Session

  • Collecting sales tax from traders through electricity bills
  • 5% sales tax on services of software and IT consultants
  • Fixed income and sales tax worth Rs40,000 imposed on the gold shops that cover an area of less than 300 square feet.
See also  FBR Banned Transfers, Postings & Leaves during 4th Quarter

Budget 2022-23 | Finance Bill 2022 | Budget Tax Year 2023 | Budget Approval | Budget Speech |

tax consultants near me
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: