After President Dr Arif Alvi\u2019s objections, the federal government has decided to pass the Finance Bill from the parliament which is also being termed \u2018mini-budget\u2019.
\nthe Finance Bill will be presented before the National Assembly (NA) and the Senate during separate sessions on Wednesday (today).
\nThe federal government accelerated efforts to immediately approve the Finance Bill to implement the conditions set by the International Monetary Fund (IMF) for the revival of the loan programme. The hurdles in the IMF agreement would be removed after the legislation.
\nIt was learnt that the federal government will get approval from the parliament through the new legislation to impose Rs170 billion in new taxes.
\nIn a relevant development, President Dr Arif Alvi summoned separate sessions of the NA and the Senate\u00a0today under Article 54(1) of the Constitution. The NA session was summoned at 3:30 pm and the Senate\u2019s session at 4:30 pm.
\nPresident Dr Arif Alvi has raised objections on the government\u2019s bid to impose the \u2018mini-budget\u2019 recommendations through an ordinance.
\nThe government is aiming to take drastic measures to deal with the IMF\u2019s tax collection goals.
\nThe main decision is said to be an increase in sales tax to 18%. This alone will amount to Rs50 billion in taxes.
\nDuty on luxury imports is expected to be raised to 25%, with the government hoping to save Rs60 to 70 billion.
\nThe government is also aiming to add Rs10 to the levy on diesel. Cigarettes and plane tickets will also become expensive.
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