President Arif Alvi assured Ishaq Dar, he would not delay approval of Finance Bill

Islamabad: (Staff Reporter) President Arif Alvi assured Finance Minister Ishaq Dar that he would not delay approval of Finance Bill. Sources privy to the development, Finance Minister Ishaq Dar called on the president and apprised him urgency of the bill’s approval to meet conditions of International Monetary Fund (IMF).

According to the source, the National Assembly has passed the Finance (Supplementary) Bill, 2023, proposing additional taxes and duties of Rs170 billion to meet the understanding reached with the International Monetary Fund (IMF) for the Extended Fund Facility.

As per details to the bill, General Sales Tax (GST) will be increased from 17 per cent to 18pc. It has been decided to enhance the GST on luxury items from 17pc to 25pc. For the air travel, it has been proposed that a fixed amount of Federal Excise Duty (FED) ranging from Rs.75,000 to Rs.250,000 of different tiers as per the International Air Transport Association on airfare for first, business and club classes should be imposed.

Furthermore besides, 10pc withholding adjustable advance tax will be levied on the bills of wedding halls in order to promote simplicity and austerity. The FED will be enhanced on sugary and aerated drinks, while FED will be increased on cement from 1.5 rupees to two rupees per kilograms.