National Assembly Passes Finance Supplementary Bill 2023 | Mini Budget
National Assembly Passes Finance Supplementary Bill 2023 | Mini Budget. On Monday National Assembly of Pakistan passed the Finance (Supplementary) Bill, 2023. Proposed additional taxes and duties of Rs. 170 billion, opening the way for the staff-level agreement with the International Monetary Fund (IMF).
The finance minister highlighted that the government has allocated an additional amount of Rs. 40 billion for the Benazir Income Support Programme (BISP), through which the stipend of BISP beneficiaries will be increased.
The minister said that the prime minister will soon announce a comprehensive policy to reduce government expenditure. The House rejected all the amendments moved by the opposition.
Key Features of Finance Supplementary Bill 2023
On 15th February 2023, 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).
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
- General sales tax (GST) on luxury items to increase to 25 percent from the previous 17 percent
- 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)
- 10 percent Withholding Adjustable Advance Income Tax on wedding halls
- Increase in FED on sugary and aerated drinks
- FED on cement to increase from Rs. 1.5 per kg to Rs. 2 per kg
- GST to increase from 17 percent to 18 percent (FBR already issued SRO)
