Ahmed Mukhtar Naqshbandi
ISLAMABAD: State Minister for Finance Aisha Ghaus Pasha said on Monday that the Finance (Supplementary) Bill 2023 was expected to be approved by the National Assembly in a day or two.
She further said that the government has decided to get the mini-budget approved by the lower house soon. It is worth noting that the Senate has already approved it by a thin margin.
While speaking to journalists in Islamabad, the minister said virtual discussions with the International Monetary Fund (IMF) were underway.
Pasha hoped for a staff-level agreement to materialize with the IMF soon. “Matters with the IMF are moving ahead in a positive direction. Further delay in the agreement is unlikely.”
Passing mini-budget crucial for IMF loan: Dar
Earlier on February 15, Finance Minister Ishaq Dar tabled the bill in the National Assembly and Senate with budget proposals presented to fulfill the initial requirements for unlocking the crucial $1.1 billion IMF loan tranche, which will help cushion the poor economy of the country.
A session of the lower house to debate the finance bill was held on Friday (February 17); however, it was adjourned without voting after a brief debate on the budget proposals.
While speaking to media after the session, Ishaq Dar said that he expected the bill to be passed in both houses by Monday or Tuesday as Chairman Senate Sadiq Sanjrani has “given us till Friday”.
Proposals mentioned in Finance Bill
Eight digit Increase in GST on luxury items from 17% to 25%
FED on business and first-class air tickets to be increased to Rs20,000 or 50%, whichever is higher
10% withholding adjustable advance income tax on marriage halls
FED on cement to be up from Rs1.5 kg to Rs2 kg
Increase in FED (Federal Excise Duty) on cigarettes, soft and sugary drinks
One percent increase in GST from standard 17% to 18%
GST, is not to be imposed on essential goods, including wheat, rice, pulses, milk, vegetables, fish, fruits, eggs and meat ,etc.
BISP stipend to be further increased, government to allocate Rs400 billion for program
