On Tuesday, President Arif Alvi pledged not to delay the approval of the Finance Bill to Finance Minister Ishaq Dar. Dar emphasized the urgency of the bill’s approval to meet the International Monetary Fund’s (IMF) conditions during his meeting with the President.
The National Assembly passed the Finance (Supplementary) Bill, 2023, which proposes additional taxes and duties amounting to Rs170 billion to fulfill the Extended Fund Facility’s agreement with the IMF.
The bill proposes a rise in the General Sales Tax (GST) from 17% to 18%, along with an increase in GST on luxury items from 17% to 25%. The bill also suggests imposing a fixed Federal Excise Duty (FED) ranging from Rs75,000 to Rs250,000 on airfare for first, business, and club classes based on the International Air Transport Association.
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