Thursday, 29 February 2024
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Government Presents Finance Supplementary Bill 2023 in Parliament
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Government Presents Finance Supplementary Bill 2023 in Parliament

Government Presents Finance Supplementary Bill 2023 in Parliament

Government Presents Finance Supplementary Bill 2023 in Parliament. Today Finance Minister Ishaq Dar presented the Finance (Supplementary) Bill 2023. Highlighting fiscal measures of Rs. 170 billion through additional taxes as already agreed with the International Monetary Fund (IMF).

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The finance minister said that the government has only charged those taxes that would have least impact on the poor. He also emphasized that the government is not imposing any taxes on items of daily use.

The government headed towards the parliament after President Dr. Arif Alvi advised the government to take the parliament into confidence on the issue of raising taxes.

ALSO READ: FBR Increased Sale Tax Rate in Pakistan 2023

Key Features of Mini-Budget 2023

  1. General sales tax (GST) on luxury items to increase to 25 percent from the previous 17 percent
  2. Federal Excise Duty (FED) on club class, first class, and business class airline tickets to increase to 20 percent or 50,000 (whichever is higher)
  3. 10 percent Withholding Adjustable Advance Income Tax on wedding halls
  4. Increase in FED on sugary and aerated drinks
  5. FED on cement to increase from Rs. 1.5 per kg to Rs. 2 per kg
  6. GST to increase from 17 percent to 18 percent (FBR already issued SRO)
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