ISLAMABAD – President Dr. Arif Alvi on Thursday approves Finance Supplementary Bill 2023 which will bring Rs170 billion in new taxes under stringent conditions to revive the economy.
The Finance Bill commonly known as the mini-budget was passed after a mission of US-based lender visited a crisis hit Pakistan for policy-level talks.Alvi gave his assent to the bill in accordance with Article 75 of the Constitution, which requires the president to pass the bill within 10 days of receiving it. He earlier refused to sign the bill but approved it without much resistance.Earlier, the lower house of the parliament earlier passed a mini-budget, with some tweaks to it, paving the way to unlock the stalled bailout funds from IMF.
Meanwhile, a new wave of inflation is set to hit the country of over 220 million after the measures in the finance bill. General Sales Tax has been increased from 17pc to 18pc, while excise duties on luxury items have also been increased.