National Assembly’ session on approval of mini budget Bill 2023 adjourned . Details of Mini Budget 2023

 National Assembly’s session on approval of Finance Bill 2023.

 

Finance Minister Ishaq Dar explained the bill in both honorable houses of parliament on February 15, 2022.  The government hurried to fulfill the IMF’s conditions for the announcement of a badly needed bailout package.

 

Below are the details of taxes which shall be imposed after approval

1. ·         GST to be increased from 17% to 18%
2. ·         GST on luxury items, federal excise duty, and business class air tickets on the fare or Rs50,000
3. ·         10% withholding (adjustable) advance tax on wedding halls bill
4. ·         FED increase on cigarettes, sugary and aerated drinks.
5. ·         FED increase on cement from Rs1.5/kg to Rs2/kg