Mini Budget to Present before Parliament Today
Mini Budget to Present before Parliament Today. In compliance with IMF conditions, the government of Pakistan decided to present a supplementary finance bill as a mini-budget before the parliament (today) on February 15, 2023, for approval.
Earlier, the finance ministry, before presenting the supplementary finance bill the government intended to promulgate through a presidential order.
The President of Pakistan, Dr. Arif Alvi, refused to sign the bill at a meeting with Finance Minister and advised the government should approve the bill from the parliament.
The Finance Minister informed that the government intends to raise additional revenue through taxes by promulgating an ordinance. “The President advised that it will more appropriate to take the Parliament into confidence on this important subject.”
According media news, the president called separate sessions of the national assembly and senate on February 15, 2023.
The National Assembly Session called upon today at 3:30 PM. Moreover, the session of Senate also called upon at 4:30 PM for the mini budget approval.
The government is taking harsh taxation measures on the demand of the IMF to generate more revenue for lowering the fiscal deficit in the country.
Moreover, the Federal Board of Revenue (FBR) already issued a Sales tax SRO yesterday whereby the sales tax rate in Pakistan has been increased from 17% to 18%.