ISLAMABAD: The Shehbaz Sharif government announced on Tuesday, through a notification issued by the Federal Board of Revenue (FBR), new taxation measures worth Rs115 billion in an effort to pacify the International Monetary Fund (IMF) for the revival of the bailout program.
After President Dr. Arif Alvi refused to promulgate an ordinance for the unveiling of a mini-budget, the government acted swiftly and obtained the money bill’s approval from the federal cabinet.
Following this announcement, the cabinet met under PM Shehbaz Sharif’s leadership, and it was decided to impose taxes totaling Rs115-116 billion through an SRO issued by the FBR. The remaining taxation measures, totaling Rs55 billion, would be implemented through a money bill presented to Parliament.
The FBR issued the Statutory Regulatory Order (SRO) for raising the General Sales Tax GST rate from standard 17 percent to 18 percent and increasing the Federal Excise Duty (FED) on cigarettes following the cabinet’s approval of Tax Laws Amendment Bill 2023.
This was done in order to collect an additional Rs115 billion out of the Rs170 billion that the government had agreed to in accordance with the terms of the IMF.
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