Thursday, August 18, 2022

NA approves Finance Bill 2022-23 with a majority

NA approves Finance Bill 2022-23 with a majority
June 29, 2022 Web Desk

ISLAMABAD (92 News) – The National Assembly approved the Finance Bill 2022-23 with a majority on Wednesday.

The House ended the relief for the salaried class, approving an amendment regarding imposition of a new rate. It approved imposition of a levy of Rs 50 per litre on the POL products.

The House also approved a section to received sales tax from traders in the electricity bills.

The House imposed a five percent tax on hiring the services of software and IT consultants. It also approved a four percent super tax on the annual income from Rs150 million to Rs 300 million. Moreover, 10 percent super tax has been imposed on the 13 departments earning more than Rs300 million annually.

A 10 percent tax will be imposed on air lines, auto mobile, beverages, cement, chemic.al, cigarettes, fertilizers, steel, LNG terminal, oil marketing, oil refining, pharmaceutical, sugar and textile. A 10 percent super tax will be imposed on the banking sector and big companies in the FY2022-23.

State Minister for Finance Ayesha Ghaus Pasha said that the government's objective is to impose tax on the rich and give a relief to the poor. "No change has been made in the budget on the order of the IMF," she maintained.

She said that the steps taken by the government will reduce the trade deficit.

GDA leader Fehmida Mirza said that they reject the budget that is a burden on the masses.