Supplementary Finance Bill passed in NA, Finance Minister admits inflation is out of control
Excise duty imposed from 75 thousand to 2.5 lac rupees on air travel in business class, there is no doubt inflation in the country is out of control, but did all this happen in four months? Agreement with IMF will be done this week, Ishaq Dar
The National Assembly passed the Supplementary Finance Bill 2023 by a majority vote. The government increased the excise duty on business class air travel abroad.
Finance Minister Ishaq Dar admitted the uncontrollable inflation in the country and said that we also had no interest in imposing taxes, and tried to keep the rate of additional taxes to a minimum.
In the National Assembly session presided over by Speaker of National Assembly Raja Pervez Ashraf, Finance Minister Ishaq Dar presented a few more amendments in the Supplementary Finance Amendment Bill 2023 after the discussion on supplementary finance.
Ishaq Dar told the House that excise duty has been increased on business class air travel abroad, excise duty has been fixed at Rs 2.5 lakh on a business class tickets to South America.
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The finance minister further said that the excise duty on business class and first class tickets in Africa and the Middle East has been fixed at 75 thousand rupees, while the excise duty on air tickets of European countries has been fixed at 150,000 rupees, while the excise duty on the air tickets of European countries has been fixed at 150,000 rupees. Duty on business and first class have been fixed at 150,000 rupees.
Earlier in his statement in the lower house, Finance Minister Ishaq Dar said that he appreciates the suggestions of the members regarding the supplementary finance bill, but the supplementary finance bill had to be brought under compulsion, I am grateful to participate in the debate on the supplementary finance bill in the House. .
He further said that having considered the budget proposals of honorable members, we too were not keen on levying taxes, and tried to keep the rate of additional taxes to a minimum.
Ishaq Dar said that they generate electricity worth 3000 billion but can collect only 1550 billion rupees, the power sector is facing problems like power theft, and line losses, and the government will fulfill the annual tax target of FBR.
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He said that there is no doubt that inflation in the country is out of control, but did it all happen in four months? During the previous regime, the raft of Pakistan’s economy was sunk, the agreement with the IMF was broken.
The finance minister said that the government is taking all possible steps for economic stability, we held talks with the IMF for 10 days, and agreed to the IMF on taxes worth 170 billion, the previous government broke economic discipline.
He further said that when there was a no-confidence motion, the IMF withdrew from the agreement, and BISP is increasing the stipend by 25%, now the budget of BISP has been increased from 360 billion to 400 billion rupees. It has been given. Ishaq Dar said that the plan to reduce government expenditure will be presented by the Prime Minister in the House.
Later, the National Assembly passed the Supplementary Finance Bill 2023 by majority vote after which the Speaker adjourned the session till 4 pm on Wednesday. Also, while talking to the media yesterday, Finance Minister Ishaq Dar said that all the matters with the IMF have been almost completed, the matters are being settled, and the agreement with the IMF will be concluded this week.
