Islamabad: After a brief discussion of the budget proposals, the National Assembly session was adjourned on Friday without voting on the finance bill. On the official Twitter account of the lower house, it was announced that “the NA session has been adjourned to meet again on Monday, the 20th February, 2023 at 5:00 pm.” In an effort to raise Rs170 billion in revenue, Finance Minister Ishaq Dar on Wednesday introduced the Finance (Supplementary) Bill 2023 in both houses. Dar told reporters after the meeting that the Senate Chairman Sadiq Sanjrani had “given us till Friday” and predicted that the bill would pass both houses by Monday or Tuesday.
Pakistan is in desperate need of money as it fights a devastating economic crisis, as the foreign exchange reserves held by the State Bank of Pakistan (SBP) barely cover one month’s worth of imports. Qadir Khan Mandokhail, a lawmaker for the Pakistan Peoples Party (PPP), urged the government to ease the burden on the poor, saying that they should be taken care of, while taking part in today’s budget debate. Mandokhail questioned the finance minister about the money bill and inquired as to whether taxes had been levied on opulent bungalows. He asserted that Twitter and WhatsApp should both be subject to taxes. The Pakistan Tehreek-e-Insaf (PTI) attempted to sabotage the IMF agreement, according to the PPP leader, who added that Shaukat Tarin, Mohsin Leghari, and Taimur Jhagra’s audio recordings have exposed this.
Salahuddin, the leader of the Muttahida Qaumi Movement-Pakistan (MQM-P), criticized the finance minister for not taking the presentation of the mini-budget seriously. The seriousness was indicated by the fact that Dar left the room shortly after presenting the bill, he claimed. He added that they were here with the previous administration as well to help the nation out of the economic crisis. “We are here with the government just because we don’t want the country to default,” he said.
Finance bill proposals are; a 17% to 25% GST increase for luxury items • The FED for first- and business-class airline tickets will rise by Rs20,000 or by 50%, whichever is higher. Marriage halls will be subject to a 10% withholding adjustable advance income tax. Cigarettes, soft drinks, and sugary drinks will also be subject to higher FED rates. The GST will also increase from the current 17% to 18%. Wheat, rice, milk, pulses, vegetables, fruits, fish, eggs, and meat will not be subject to the GST; instead, the government will increase the BISP stipend and set aside Rs400 billion for the program. To entice the Fund and reach a staff-level agreement with the lender, the revenue measures included in the money bill were added.
