The federal government is all set to introduce Rs 170 billion mini budget (Supplementary Finance Bill 2023) in parliament, for which separate sessions of the National Assembly and Senate have been summoned.
The government has decided to get the approval of the Supplementary Finance Bill 2023 from both the Senate and National Assembly today (Wednesday) to meet the conditions of the International Monetary Fund (IMF) for the revival of its stalled loan programme.
According to the sources, Tax Laws Amendments Ordinance, 2023 to be promulgated to impose additional taxes of Rs. 170 billion would include a one percent increase in the standard rate of sales tax from 17 percent to 18 percent and withholding tax on banking transactions of non-filers.
The finance bill will be presented in the National Assembly today (Wednesday) and Finance Minister Ishaq Dar will brief the House regarding the bill. The mini-budget will be then presented in the Senate after passage from the Lower House of the Parliament.
In this regard, Senate session will be held at 4pm under the chairmanship of Chairman Sadiq Sanjrani. The finance bill has proposed the imposition of taxes worth Rs170 billion, while the cabinet has already approved the financial bill to impose new taxes.
