Agenda of the Senate Secretariat showed that Finance Minister Shaukat Tarin will present before the Senate a copy of the money bill, the Finance (Supplementary) Bill, 2021, and move that the Senate may make recommendations, to parliament on the bill under Article 73 of the Constitution”.
mini-budget
Bilawal also rejected the mini-budget, saying that to receive $1 billion tranche from the IMF, Prime Minister Imran Khan had pushed the common man against the wall.
Finance Minister Shaukat Tarin presented the mini-budget in the National Assembly after getting approval from the cabinet members
Finance Minister Shaukat Tarin briefed the cabinet members about the supplementary finance bill.
About 144 goods that were currently either completely exempted from General Sales Tax (GST) or being taxed at 5% to 12% rates would now be taxed at the rate of 17%.
The sense from inside the Red Zone is that the opposition also feels this is too soon to plunge the knife into the government’s belly, and twist it. The stars are not aligned. The talks are not done. The new arrangement is not stitched up
Besides rolling back subsidies worth Rs350 billion, taxes and duties on more than 1,700 items will also be increased in the mini-budget, said sources, adding that taxes on all imported and luxury items will be increased.
Information minister said the supplementary finance bill would be presented in the current session of the parliament and an initial discussion on the draft was held in the cabinet meeting on Dec 28.