ANL 13.65 Decreased By ▼ -0.15 (-1.09%)
ASC 14.91 Increased By ▲ 0.35 (2.4%)
ASL 15.29 Decreased By ▼ -0.01 (-0.07%)
AVN 99.75 Decreased By ▼ -0.14 (-0.14%)
BOP 8.55 Decreased By ▼ -0.05 (-0.58%)
CNERGY 6.78 Decreased By ▼ -0.23 (-3.28%)
FFL 9.33 Decreased By ▼ -0.16 (-1.69%)
FNEL 9.22 Decreased By ▼ -0.17 (-1.81%)
GGGL 14.20 Decreased By ▼ -0.70 (-4.7%)
GGL 22.06 Decreased By ▼ -0.06 (-0.27%)
GTECH 9.80 Decreased By ▼ -0.17 (-1.71%)
HUMNL 6.68 Increased By ▲ 0.02 (0.3%)
KEL 3.22 Decreased By ▼ -0.04 (-1.23%)
KOSM 4.21 Decreased By ▼ -0.17 (-3.88%)
MLCF 33.43 Decreased By ▼ -0.61 (-1.79%)
PACE 4.26 Decreased By ▼ -0.09 (-2.07%)
PIBTL 7.33 Decreased By ▼ -0.07 (-0.95%)
PRL 14.62 Decreased By ▼ -0.28 (-1.88%)
PTC 8.98 Decreased By ▼ -0.12 (-1.32%)
SILK 1.37 Decreased By ▼ -0.04 (-2.84%)
SNGP 34.10 Decreased By ▼ -0.40 (-1.16%)
TELE 18.36 Increased By ▲ 0.61 (3.44%)
TPL 14.96 Decreased By ▼ -0.39 (-2.54%)
TPLP 29.40 Decreased By ▼ -0.50 (-1.67%)
TREET 40.32 Decreased By ▼ -0.69 (-1.68%)
TRG 91.40 Decreased By ▼ -2.95 (-3.13%)
UNITY 27.46 Decreased By ▼ -0.74 (-2.62%)
WAVES 15.37 Decreased By ▼ -0.16 (-1.03%)
WTL 2.32 Decreased By ▼ -0.03 (-1.28%)
YOUW 8.05 Decreased By ▼ -0.17 (-2.07%)
BR100 4,655 Decreased By -22.6 (-0.48%)
BR30 18,294 Decreased By -330 (-1.77%)
KSE100 45,348 Decreased By -159.7 (-0.35%)
KSE30 17,852 Decreased By -74.1 (-0.41%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,037
824hr
Pakistan Cases
1,338,993
5,47224hr
Sindh
509,308
Punjab
455,499
Balochistan
33,744
Islamabad
112,557
KPK
182,619
Pakistan

President Dr Arif Alvi approves Finance (Supplementary) Bill 2021

President Dr Arif Alvi approved on Saturday the Finance (Supplementary) Bill 2021, generally known as the...
15 Jan, 2022

President Dr Arif Alvi approved on Saturday the Finance (Supplementary) Bill 2021, generally known as the 'mini-budget', which was passed by the National Assembly (NA) on January 13.

The bill was signed into law under article 75 of the Constitution.

The Finance (Supplementary) Bill has been seen as a key condition to revive the $6-billion Extended Fund Facility (EFF) of the International Monetary Fund (IMF).

The mid-year budget will end exemptions on sales tax as part of fiscal tightening and law to grant its central bank greater autonomy.

'Mini-budget': National Assembly passes Finance (Supplementary) Bill 2021

Authorities expect ending the tax exemptions will help raise Rs343 billion.

While presenting the bill in the NA earlier this week, Finance Minister Shaukat Tarin said that tax under the mini-budget was mostly applicable to luxury imported products like cellphones and cars, adding that exemptions for daily-use items like bakery products, formula milk, and solar panels would stay.

‘Mini-budget’, SBP bill: MNAs expected to cast their vote today

The parliament, meanwhile, also passed a separate law to give the central bank greater autonomy, including independent powers to control price stability, monetary policy decisions, and a guaranteed tenure for its governor.

The two bills are key conditions for the revival of the IMF programme. The finance ministry earlier this week said that the IMF board will meet towards the end of this month for the sixth review of Pakistan's EFF.

Comments

1000 characters