Pakistan Economic Crisis: Pakistan, which is facing serious economic crisis, has not yet received foreign loan. The Pakistani government wants to unlock the loan installment from the International Monetary Fund (IMF), but for that it will have to accept many strict conditions of the IMF. To fulfill these conditions, the Pakistani government has brought a Tax Amendment Bill.
The bill will be presented in the Pakistani Parliament on Wednesday evening (February 15) i.e. today itself. It has been said in Pakistani media reports that the central government headed by Shehbaz Sharif is ready to present a tax amendment bill-Finance (Supplementary) Bill 2023 in both houses of the parliament. It is necessary to implement it because it will fulfill the conditions of the International Monetary Fund (IMF) to restore a stalled loan program.
Target to raise more than 170 billion rupees
The session of the lower house of Parliament will begin at 3.30 pm, during which Finance Minister Ishaq Dar will present the bill. Then the Senate session will start separately, at 4:30 pm.
The government was forced to go to parliament after President Arif Alvi “advised” the finance minister to take parliament into confidence for more than 170 billion rupees in new taxes.
Will put burden on common man for loan program
Let us tell you that soon after the President’s ‘refusal’, a cabinet meeting was called to approve the Tax Amendment Bill, which will be introduced in both the Houses of Parliament today. According to a statement issued by the Prime Minister’s Office, after the meeting, the Federal Board of Revenue (FBR) had approved the new tax rule. 115 billion rupees will be raised through several tax related measures of the government. As the government had agreed with the IMF a target of 170 billion rupees in new tax, the remaining amount will be collected through an increase in excise duty on airline tickets to 55 billion rupees.
