Pakistan

Key proposals of the ‘mini-budget’

Published

2 years ago

Farwa

As the government seeks to fulfil the prerequisites for unlocking the $1.1 billion International Monetary Fund (IMF) loan tranche, Minister for Finance and Revenue Senator Ishaq Dar has introduced the Finance (Supplementary) Bill 2023 or the “mini-budget” in the National Assembly and Senate on Wednesday.

The government last night ratified the increase in the general sales tax (GST) rate from 17% to 18% and increased the Federal Excise Duty (FED) on cigarettes in order to fetch an additional Rs115 billion out of Rs170 billion agreed to by Pakistan in line with the IMF conditions.

Through the “mini-budget”, the Pakistan Democratic Movement (PDM)-led government aims to reduce the budget deficit and broaden its tax collection net — in order to meet the conditions laid forth by the Washington-based lender.

Talking to reporters after the session on Wednesday, FinMin Dar said that he expects the bill to be passed in both houses by Monday or Tuesday as Senate Chairman Sadiq Sanjrani has “given us till Friday”.

Key proposals

1. Increase in GST on luxury items from 17% to 25%

2. Federal Excise Duty (FED) on business and first-class air tickets be increased to Rs20,000 or 50% — whichever is higher

3. 10% withholding adjustable advance income tax to be imposed on marriage halls

4. Increase in FED on cigarettes, soft and sugary drinks

5. FED on cement to be raised from Rs1.5 kg to Rs2 kg

6. Increase in GST from standard 17% to 18%

7. GST to not be imposed on essential goods — wheat, rice, milk, pulses, vegetables, fruits, fish, eggs, meat

8. BISP stipend to be increased; govt to allocate Rs400 billion for programme

Business

SFD and Pakistan Sign Two Deals Totaling $1.61BLN

Published

1 day ago

Farwa

Two agreements totaling $1.61 billion have been inked by Pakistan and the Saudi Fund for Development to improve their bilateral economic cooperation.

Entertainment

‘Kashmir Banay Ga Pakistan’ is a new song teased by ISPR for Solidarity Day

Published

1 day ago

Farwa

A new anthem, “Kashmir Banay Ga Pakistan,” was issued by Inter-Services Public Relations (ISPR) on Wednesday (tomorrow) in honor of Kashmir Solidarity Day.

Every year on February 5, Kashmir Solidarity Day is commemorated to show solidarity with the people of Indian-Occupied Kashmir.

Renowned musician Ahmed Jahanzeb sings the song, which sends a powerful message of solidarity and dedication to the liberation fighters of Held Kashmir.

Imran Raza wrote the words, while Irfan Saleem and Kamran Khan composed the music.

The song was composed especially to commemorate the momentous day and to reaffirm support for the courageous and tenacious people of Kashmir, who are fighting for their right to self-determination, as guaranteed by the documents of united nations

Latest News

PM Visits NA Speaker’s Home: Pakistani Economic Data Points to Improvement: Shehbaz

Published

2 days ago

Farwa

“Improving economic indicators and growing confidence of international investors and financial institutions is a welcome sign,” Prime Minister Shehbaz Sharif remarked.
When the Prime Minister visited Speaker of the National Assembly Sardar Ayaz Sadiq’s home in Lahore, he stated that the provinces and the federation are working together for the public’s welfare.
Shazia Marri, Syed Khurshid Shah, and Syed Ghulam Mustafa Shah, the deputy speaker of the National Assembly, were also present.
The Deputy Speaker was also congratulated by the Prime Minister on the marriage of his son.
Also discussed were opinions regarding the nation’s general political situation.