Islamabad January 13 2022: The National Assembly today (Thursday 13th January 2022) pass the Finance (Supplementary) Bill, also named as the “mini-budget”, during an hours-long session despite serious and strong objection from the opposition benches.
As per the approved law no tax will be levied on bread, chapattis and naan if sold by small shop keepers but will be taxed if sold by tier 1 retailers.
No tax on milk pack of up to 200 grams, while formula based milk of worth more than PKR 500 will be taxed at standard rate of 17 percent GST.
Approval of mini budget will facilitate government for successful completion of 6th review of IMF Extended Fund Facility from its Executive board. That will help in release of USD 1 billion tranche.
Initially, the government had a plan to get the finance bill passed from the national assembly before the 12th January meeting of the IMF board, but now there are reports that the Fund has accepted Pakistan’s request to postpone the review of its USD 6 billion loan programme which is now expected to take place either on 28th or 31st January.
As per finance minister government has withdrawn proposed taxation on laptop, computer and notebooks.
