ISLAMABAD: Finance Minister Ishaq Dar met with President Arif Alvi at the President House in Islamabad today.
Quoting its sources, the TV channel reported that the country’s present economic situation came under discussion at the meeting.
The meeting that took place after some gap is being described as quite extraordinary.
Sources disclosed that the finance minister briefed the president about the negotiations underway with the International Monetary Fund (IMF).
They added that Dar stressed the need for an economic pact or ‘Meesaqe Maeshiat’ between all political parties for the betterment of the country’s economy.
NA speaker meets President
National Assembly Speaker Raja Pervaiz Ashraf Tuesday arrived in the President’s House to hold a meeting with President Arif Alvi.
Important matters relating to the political situation of the country and the parliamentary affairs were discussed during the meeting.
In compliance with the IMF conditions to generate additional revenue, the government has prepared to bring the first Tax Amendment Ordinance, 2023, on Tuesday.
After approval, the ordinance will come into effect from February 15.
According to FBR sources, it has been suggested that banks will levy tax at the rate of 0.60% on cash transactions from non-filers. There is a proposal to increase the tax on foreign exchange income of banks.
It has also been suggested to raise general sales tax from 17% to 18%.
FBR sources said that government is planning to increase federal excise duty on vehicles and sugary drinks, besides levying 50 paisa tax on each stack of cigarettes.
Along with these taxation measures, the government has also readied an ordinance for imposing the flood levy.
The flood levy will be slapped on imports and it will be increased from 3% to 10%.
Sources said that flood levy will not be slapped on the import of raw material for the export sector.
The approval of the Tax Amendment Ordinance, 2023 will be sought from the federal cabinet.
The prime minister has given his assent to send the ordinance to the cabinet for its approval.
It is expected that Rs200 billion will be collected through this new tax plan.