Islamabad February 15 2023: President Dr Arif Alvi on Tuesday summoned the National Assembly and Senate to meet on February 15 (Wednesday) to approve Finance Supplementary Bill to raise additional PKR 170 billion in revenue to meet IMF conditions for unlocking USD 1.2 Billion.
The federal cabinet on Tuesday 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 International Monetary Fund’s Ninth Review.
The supplementary bill was passed in a cabinet meeting chaired by Prime Minister Shehbaz Sharif 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.
The supplementary finance bill would now be tabled before the parliament on Wednesday as the president has summoned the sessions of the National Assembly and Senate.
Yesterday, the Finance Minister informed President that the Government wanted to raise additional revenue through taxes by promulgating an ordinance. The President advised that it would be more appropriate to take the Parliament into confidence on this important subject, and that a session be called immediately so that the bill is enacted without delay.
According to a President House statement, the National Assembly will meet at 1530 hours and Senate at 1630 hours at the Parliament House.
The president summoned the sessions of both Houses exercising his powers under Article 54 (1) of the Constitution.