Islamabad (Web Desk): The federal government is set to present the Finance (Supplementary) Bill 2023, in both houses of parliament today as it rushes to implement the conditions of the International Monetary Fund (IMF).
Earlier on Tuesday, the federal cabinet approved the Finance Supplementary Bill 2023 providing for a 1% increase in general sales tax and additional taxes on luxury items as part of the reforms related to the IMF’s 9th review.
The supplementary bill was passed in a cabinet meeting chaired by who gave the directives not to tax any daily use items which could affect the poor or middle class.
During the briefing given to the prime minister, it was told that under the reforms, luxury items would be taxed.
PM Shehbaz said that the government was making maximum efforts to put the minimum possible burden on the poor people; however, he called for taking necessary measures to tax luxury goods.
He said that an austerity policy would be adopted at the government level which would soon be formally announced as the economic difficulties could only be overcome while limiting ourselves within our resources.
The premier said that all of the cabinet members and the government officers would be bound to adhere to the austerity package as it was inevitable to steer the country out of economic challenges.
He said that the 220 million of Pakistan were bearing the brunt of the incompetence and negligence of the previous government.
The federal cabinet approved the renaming of the Turkiye Earthquake Victims Fund as Turkiye and Syria Earthquake Victims Fund with the prime minister urging the people to donate wholeheartedly to this fund.
The prime minister expressed condolence over the destruction caused by the unprecedented earthquake in Turkiye and Syria. He also apprised the cabinet members of his telephonic interaction with Turkish President Recep Tayyip Erdogan in which he assured Pakistan’s all-out support to the quake-hit people.
The federal cabinet endorsed the Economic Coordination Committee’s (ECC) decisions it had taken in its respective meetings held on February 10 and 13, 2023. It also endorsed the decisions of the Cabinet Committee on Legislative Cases taken in its meeting held on February 9, 2023.
