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Finance Minister Ishaq Dar presented the Finance Bill 2023 in the National Assembly. Billions of rupees were collected. The tax on the sale of high-cost goods was increased to 25 percent.
The session of the National Assembly under the chairmanship of President Raja Parviz Ashraf started one hour late than the scheduled time. At the meeting, the Minister of Finance, Senator Ishaq Dar, presented the supplementary finance bill for 2023 in the House. On this occasion, the prime minister did not participate in the chamber.
Speaking in the National Assembly, Finance Minister Ishaq Dar said it has been months since the proposed government came in, during which the economy was managed during the flood. He said that more than 8 thousand billion was damaged due to the flood.
Finance Minister Ishaq Dar said that during the last term of PML-N, the gross domestic product increased by $112 billion, but under PTI, the GDP could increase by only $26 billion.
Ishaq Dar said that in 2013 per capita income in Pakistan was 1389 dollars. Pakistan’s economy was ranked 24th in the world. Stock Exchange of Pakistan was number one in the world. In these circumstances, a non-political change took place in Pakistan.
Criticizing PTI, the finance minister said that after the arrival of the elected government, we have gone from 24th to 47th economy. A national commission should be established to determine the causes of economic decline. The current government inherited a sick economy.
The Minister of Finance said that the agreement signed by Imran Khan’s government with the IMF should be read. It was not just a government contract, but a state contract. Imran Khan broke his promise. Due to distrust, they made decisions contrary to the contract. This led to uncertainty between the IMF and Pakistan.
The Minister of Finance said that difficult decisions are inevitable for economic stability. Money is allocated in the budget to reduce the revolutionary debt. The Cabinet has approved the introduction of new taxes worth 170 billion rupees. Efforts are being made to collect such taxes that are not burdened by the people.
The federal minister said that no tax will be levied on daily items. There is no additional tax on wheat, rice, milk, legumes, vegetables, eggs, poultry and meat.
Benazir Income Support Program stipends will be increased to support the maximum number of poor people. The amount of the program will be increased from 40 billion to 400 billion.
Ishaq Dor said that the tax on the sale of luxury items has increased from 17 to 25 percent. The federal excise tax rate on cigarettes will be increased. The draft financial law also provides for the collection of 10 percent excise duty on fruits, juices, sugary drinks and other beverages, along with a 10 percent advance tax on the market value of the holding company’s shares.
While presenting the budget, Ishaq Dar said that the federal excise duty on cement has been reduced from one and a half rupees to two rupees per kg. The GST rate has been increased from 17% to 18% through the small budget.
He said that a 10 percent tax will also be charged for seminars and meetings, seminars and exhibitions. In addition, 10% advance income tax is levied on luxury wedding bills at venues, hotels, restaurants, commercial venues and public places.
The finance minister said that the current and previous target of 170 billion revenue will be met, while the import of five-year-old tractors has been allowed, a package of 2000 billion rupees has been given to farmers, up to 1000 billion rupees. rupees have been distributed, cheap loans are given to farmers for agricultural equipment and 30 billion rupees are given to farmers for fertilizers, 30 billion rupees have been allocated for youth loans, the goal of installing 75 thousand solar tube wells has been set. .
He said that he has announced the opening of pharmaceutical, oil and gas, and sports enterprises, that the economic growth will be slow at first, but then it will increase to 4 percent.
He said that Prime Minister Shehbaz Sharif will soon convince the people of the supplementary financial bill, the Prime Minister and the cabinet will give a plan to reduce their expenses.
Protest of TTI and other opposition senates in the session
On the other hand, PTI and other opposition senators started a protest and surrounded the Senate President’s building. PTI senators raised slogans against the government.
Finance Minister Ishaq Dar presented the finance bill amid a roar of applause in the Senate session. The Senate President said recommendations on the Finance Bill should be submitted to the House by February 23. The Senate was later adjourned until 10:30 a.m. Friday.
Needless to say, the federal government has started introducing new taxes as part of the small budget of Rs 170 billion agreed with the International Monetary Fund (IMF). The Federal Board of Revenue this morning announced an increase in the federal excise tax on cigarettes. According to the notification, the federal excise duty on Class I cigarettes has been increased from Rs 6,500 to Rs 16,500 per thousand cigarettes. The federal excise duty on cigarettes included in Class II has been increased from Rs 2,050 to Rs 5,050 per 1,000 cigarettes.
According to the FBI, a permanent tax on cigarettes will be implemented immediately.
The FBI has also issued a notification to increase sales tax on various goods. The tax on the sale of all goods was increased from 17 to 18 percent.
According to the notification, the sales tax on various electronic equipment has been increased to 18 percent, in which the sales tax on computers, laptops, gadgets, mobile phones, smartphones and iPods has been increased to 18 percent.
Apart from this, the sales tax on hundreds of other electronic products including TV, LED and LCD has also been increased to 18%.
Sales tax on juicers, blenders, shakers and other electronic machines has been increased to 18 percent.
The tax on the sale of car shampoo, car polishing cream and other goods was reduced to 18 percent.
Sales tax on perfumes and branded perfumes was also increased to 18%.
The tax on the sale of all canned foods has been increased. Butter, biscuits, jam, jelly and noodles have all gone up in price.
Sales tax on women’s cosmetic products, shampoo, hair color, hair cream, hair gel and hair serum, cream, lotion, soap and toothpaste, children’s toys, chocolates and toffees have also increased.
In addition, sales tax on foam, shaving gel, shaving cream and shaving has been increased to 18 percent.
