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ISLAMABAD: A meeting of the Federal Cabinet has approved the Finance Supplementary Bill 2023 to be presented in the Parliament Wednesday (Feb 15) to impose additional taxes on luxury items and an increase of one percent in General Sales Tax (GST).

The meeting of the Cabinet chaired by Prime Minister Shehbaz Sharif on Tuesday approved the Finance Supplementary Bill 2023 to be presented in Parliament today. The Federal Cabinet was given a detailed briefing regarding the reforms to be carried out in the context of the 9th review of the International Monetary Fund’s EFF.

The meeting was informed that as a result of these reforms, additional taxes are being levied on luxury items while general sales tax will be increased by one percent.

While speaking to the federal cabinet, the Prime Minister said the government is striving to put least burden on the poor and gave instructions that no additional tax should be imposed on daily items used by the poor and middle class. He said appropriate measures should be taken to increase tax on luxury items.

The Prime Minister further said it is inevitable to adopt a policy of simplicity and austerity at the government level and in this regard, the government’s austerity package is in the final stages of preparation, which will be officially announced soon.

He said as soon as the austerity package is ready, it will be necessary for all the cabinet members and government officials to implement because only then the country can get out of this economic problem.

The Cabinet approved the name of ‘Turkey Earthquake Victims Fund’ as ‘Turkey and Syria Earthquake Victims Fund’. The Prime Minister appealed to the nation to actively participate in the relief fund established for the earthquake victims of Turkey and Syria.

The Prime Minister expressed grief over massive loss of thousands of precious lives due to the earthquake in Turkey and Syria. He told the cabinet he spoke to the President of Turkey and the Prime Minister of Syria through telephone call in which, he assured them that Pakistan stands with its brothers and sisters affected by earthquake.

Copyright Business Recorder, 2023

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