ISLAMABAD: The National Assembly session to discuss the recently presented Finance (Supplementary) Bill, 2023, generally known as the mini-budget, was adjourned on Friday without a vote on the amendments proposed.
NA Speaker Raja Pervaiz Ashraf chaired the session.
“The NA session has been adjourned to meet again on Monday, the 20th February, 2023 at 5:00 pm,” the lower house said in a statement released on the official Twitter handle.
During the session today, PPP’s Qadir Khan Mandokhail urged the government to decrease the burden on the poor and instead hike taxes on luxury cars and houses.
Mutahida Qaumi Movement-Pakistan (MQM-P) MNA Salahuddin lashed out at Finance Minister Ishaq Dar for being “non-serious” towards the difficult conditions the country was facing.
He demanded that parliament should be informed about who is responsible for the current dire economic situation of the country.
He recalled that the IMF agreement was signed by the previous government which then backtracked from it.
NA Speaker Raja Pervez Ashraf stated that the recommendations of the Senate on the Finance Amendment Bill 2023 were received by the National Assembly.
Federal Minister for Finance and Revenue Senator Ishaq Dar Wednesday introduced Finance (Supplementary) Bill 2023 or the “finance bill” in the National Assembly.
Addressing the lower house of parliament, the finance minister also announced to increase General Sales Tax GST rate from 17 to 18% and increasing the Federal Excise Duty (FED) on cigarettes.
Finance Bill proposals
- Govt has increased GST on luxury items from 17% to 25%
- Increase in federal excise duty on cigarettes and fizzy drinks.
- Increase in federal excise duty on cement
- GST has been increased from 17pc to 18pc
- Benazir Income Support Programme (BISP) handouts increased to Rs400bn from Rs360bn
- FDE on business and first-class air tickets to now be Rs20,000 or 50% — whichever is higher
- GST to not be imposed on essential goods
Sharing the main points of the Supplementary Finance Bill, the Finance Minister said an effort has been made not to impose additional taxes on daily-used items.
He said it is suggested to increase General Sales Tax (GST) from 17 percent to 18 percent. It has been decided to enhance the GST on luxury items from 17 percent to 25 percent.
For air travel, the Minister said those travelling through First and Business Class will have to pay Federal Excise Duty of 20 percent of the airfare or 50,000 rupees or whichever is higher.
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