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Key proposals of the ‘mini-budget’

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As the government seeks to fulfil the prerequisites for unlocking the $1.1 billion International Monetary Fund (IMF) loan tranche, Minister for Finance and Revenue Senator Ishaq Dar has introduced the Finance (Supplementary) Bill 2023 or the “mini-budget” in the National Assembly and Senate on Wednesday.

The government last night ratified the increase in the general sales tax (GST) rate from 17% to 18% and increased the Federal Excise Duty (FED) on cigarettes in order to fetch an additional Rs115 billion out of Rs170 billion agreed to by Pakistan in line with the IMF conditions.

Through the “mini-budget”, the Pakistan Democratic Movement (PDM)-led government aims to reduce the budget deficit and broaden its tax collection net — in order to meet the conditions laid forth by the Washington-based lender.

Talking to reporters after the session on Wednesday, FinMin Dar said that he expects the bill to be passed in both houses by Monday or Tuesday as Senate Chairman Sadiq Sanjrani has “given us till Friday”.

Key proposals

1. Increase in GST on luxury items from 17% to 25%

2. Federal Excise Duty (FED) on business and first-class air tickets be increased to Rs20,000 or 50% — whichever is higher

3. 10% withholding adjustable advance income tax to be imposed on marriage halls

4. Increase in FED on cigarettes, soft and sugary drinks

5. FED on cement to be raised from Rs1.5 kg to Rs2 kg

6. Increase in GST from standard 17% to 18%

7. GST to not be imposed on essential goods — wheat, rice, milk, pulses, vegetables, fruits, fish, eggs, meat

8. BISP stipend to be increased; govt to allocate Rs400 billion for programme

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Using the Most Recent Technology. Water Resources Receive 12.2% Of PSDP: Ahsan Iqbal

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In order to solve the problems of food insecurity and water scarcity, Minister of Planning Ahsan Iqbal has underlined the significance of implementing cutting-edge technologies.

He described climate change as Pakistan’s greatest problem when speaking at a conference in Islamabad, stating that the gravity of the situation necessitates that we put aside political diversion.

According to him, despite having the smallest carbon footprint in the world, Pakistan is nonetheless affected by climate catastrophes.

Ahsan Iqbal emphasized the government’s efforts to tackle the various issues facing the nation’s irrigation system, stating that in spite of economic difficulties, 12.2 percent of the PSDP was devoted to water resources in the current fiscal year.

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Meeting of the Judicial Commission: Set for November 5th under CJ Yahya Afridi

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A meeting of the Judicial Commission has been called by Chief Justice Yahya Afridi for tomorrow.

The appointment of judges to the Constitutional Benches and the creation of the Commission’s Secretariat will be the main items on the agenda.

Justices Mansoor Ali Shah, Muneeb Akhtar, and Amin-ud-Din will be present, along with important government representatives Attorney General Mansoor Usman and Law Minister Azam Nazir Tarar.

PPP Senator Farooq H. Naek, PML-N Leader Sheikh Aftab Ahmed, and PTI Leaders Omar Ayub Khan and Shibli Faraz will all provide political representation.

Additionally, Roshan Khursheed, a woman member, will attend the meeting.

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Shehbaz Sharif said that promoting foreign investment is his top priority.

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According to Prime Minister Shehbaz Sharif, the government’s top objective is to encourage foreign investment in the nation.

He spoke to a group of well-known and powerful British businessmen in Lahore who were led by Zuber Issa.

Among the delegation were prominent members of the UK business community.

The Prime Minister claimed that the Special Investment Facilitation Council’s one-window operation offers the greatest benefits to the business and trading sector.

He claimed that because of the government’s efforts, the nation’s economy has been growing recently, which has increased investor confidence.

The team was urged by the prime minister to make investments in Pakistan.

Additionally, opinions were shared regarding the investigation of new cooperation opportunities and the improvement of business-to-business ties between Pakistan and the United Kingdom.

The group affirmed their belief in the stability and long-term growth of the national economy while applauding the prime minister’s economic initiatives.

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