Mini-budget to be tabled in National Assembly today
Pakistan
Finance Minister Shaukat Tarin will present Finance Supplementary Bill in the National Assembly.
ISLAMABAD (Dunya News) - Finance Minister Shaukat Tarin will present Finance Supplementary Bill (Mini-Budget) in the National Assembly today (Thursday). Various taxes and duties will be changed through Finance Supplementary Bill (2021), Dunya News reported.
Speaker Asad Qaiser will chair the session of the National Assembly today at 4:00 pm in Parliament House, Islamabad. The National Assembly Secretariat has issued an 18-point agenda for the meeting.
According to the agenda, a resolution will be tabled to extend the Federal Government Property Management Authority Ordinance by 120 days. A resolution for 120-day extension in the Public Properties Ordinance, 2021 is also on the agenda.
According to the agenda, the regulation of generation, transmission and distribution of power ordinance will also be presented for extension.
On the other hand, Prime Minister Imran Khan has summoned a meeting of the federal cabinet today (Thursday) to finalise the mini-budget. The meeting with PM Imran Khan in chair will be held at 12:00noon to approve Finance (Supplementary) Bill 2021.
Following the approval, the Finance Amendment Bill 2021 will be unveiled in the National Assembly.
The meeting will be preceded by a meeting of the PTI Parliamentary Party chaired by Prime Minister Imran Khan in which members of the Assembly will be briefed on the mini-budget.
Petroleum prices
Due to the tough conditions of the International Monetary Fund (IMF), the prices of petroleum products likely to go up following the passage of mini-budget to be presented by the government led by Pakistan Tehreek-e-Insaf (PTI) in the National Assembly on Wednesday (tomorrow).
According to sources, the prices of power, gas and petroleum products will increase due to the mini budget that include tough conditions of the IMF, while taxes and duties on more than 1700 items will also be increased in the mini budget and taxes on all imported and luxury items will be increased.
Taxes and duties on luxury items, imported diapers, make-up items will be increased and taxes on imported and domestic vehicles will also increase.
Sources further said that the total revenue from taxes and duties will be Rs 340 billion and sales tax rate is likely to be raised to 17%, while the tax rate on various items may increase from 5 to 7%. The federal excise duty (FED) on cars likely to increase 2.5 percent and sales tax on tractors is likely to increase by 5%.
Customs duties on imported clothing, footwear and perfumes are likely to be increased, while Sales tax on locally made goods is also likely to be increased from 12% to 17%.
On Wednesday, the federal government had announced to unveil mini budget in the National Assembly.
