Govt Increased GST From 17% to 25 % on Luxury Items
On Wednesday, Senator Ishaq Dar, the Minister for Finance and Revenue, presented the Finance (Supplementary) Bill 2023, also referred to as the “mini-budget,” to the National Assembly and Senate as the government strives to fulfill the prerequisites for unlocking the $1.1 billion IMF loan tranche.
The Pakistan Democratic Movement (PDM)-led government aims to reduce the budget deficit and expand its tax collection efforts through the “mini-budget” to meet the requirements set by the Washington-based lender. The National Assembly will not send the bill for further discussion to the Standing Committee on Finance and Revenue, but the Senate has forwarded the legislation to the relevant committee. The proposal entails increasing the GST on luxury items from 17% to 25%.
According to senior officials from the Ministry of Finance, they anticipate the bill to pass by Thursday morning, opening the door for funding from multilateral and bilateral partnerships, as well as the IMF.
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