ISLAMABAD: Feb 14,2023: President , Arif Alvi ‘s decline to promulgate an ordinance for a mini budget has embarrassed Shahbaz government and left it to get the bill passed from the parliament for it.
Finance minister, Ishaq Dar, had called on the president of Pakistan here on Tuesday for persuading him to promulgate an ordinance to introduce mini budget to impose the new taxes to meet the conditions of the International Monrtary Fund (IMF).
The president Alvi had told Mr Dar that he would not approve promulgation of the ordinance to introduce the mini budget . The president advised to the Finance minister to table a bill for amendment in the Finance Bill 2022-23 in the parliament to get the mini budget passed.
After the president’s snubbing , the government decided to go other way around and table a bill in the parliament for amendment in the Finance Bill 2022-23.
In order to meet legal requirements , the government has summoned a session of the National Assembly and Senate today (Wednesday) and present the bill.
The bill for amendments in the Finance Bill 2022-23 is likely to be passed in a day or two from both the houses and it will be followed by a formal session of online talks between the government economic managers and the fund team to conclude an agreement for the release of a $ 1.2 billion installment under Extended Fund Facility (EFF).
The government is going to impose the new taxes of Rs 170 billion through the mini budget.
The new taxation measures are other than withdrawal of subsidies for a number of sectors and revision of general sales tax (GST) from 17 % to 18 %.
The federal cabinet okayed the mini budget here on Tuesday.
