Thursday, 1 December 2022
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BUDGET

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.

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

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