Finance Bill 2023 being tabled in parliament to meet IMF demands

Sources told Dunya News that the bill is likely to be passed in one go in today’s sitting

ISLAMABAD (Dunya News) - The coalition government is going to table its money bill in the both houses of the parliament today to fulfill key demands of the International Monetary Fund (IMF).

Per the agenda, the National Assembly will meet at 3:30pm and Finance Minister Senator Ishaq Dar will present the Finance Supplementary Bill, 2023 in the lower house.

Sources told Dunya News that the bill is likely to be passed in one go in today’s sitting.

A session of the Senate has also been summoned at 4:30pm to move the bill there as well so the document can be sent to President Dr Arif Alvi immediately for assent.

Agenda for today's session of the National Assembly.#NASession @AliyaKamranJUI @MIshaqDar50 @RTanveerPMLN @MurtazaJavedAbb @PTVNewsOfficial @appcsocialmedia @MoIB_Official pic.twitter.com/840LtaGuQX

— National Assembly of (@NAofPakistan) February 15, 2023

The sources said the president could hold the bill for 10 days but he had assured Finance Minister Ishaq Dar of giving his assent soon after receiving the bill.

Prime Minister Shehbaz Sharif, who didn’t attend the last session, would be present during today’s meeting. 

The government, the sources said, decided to increase the sales tax rate from 17 to 18 per cent. The ST rate increase by one percent may result in an additional burden of more than Rs50 billion on the public.

The government's preparations to hike the duty rate on luxury items to 25pc has been finalised and there is a possibility of revenue of Rs60-70 billion by taxing luxury items in the mini budget.

The government has also issued a notification for immediate implementation of excise duty on cigarettes. For the mini budget, the government has also approved 25pc GST on hundreds of luxury items.

Sources have said that the government is also proposing to increase the GST on some locally manufactured luxury goods.