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Finance Ministry refutes news about plans to present Mini-budget

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August 29, 2022 (MLN):  Finance Ministry on Friday, rebutted the news item published in a section of press claiming that government plans to present mini-budget for collection of Rs80 billion revenue through ordinance.

“The news is misleading and factually incorrect. There was no mention of imposition of Rs80bn new taxes even through promulgation of ordinance”, the clarification statement issued by ministry said.

The statement further stated that Federal Minister for Finance and Revenue Mr. Miftah Ismail in his press conference on 18th August, 2022 said that the Government has decided to lift the ban on the imported items and withdraw fixed tax on retailers imposed through the electricity bills.

The government would promulgate an ordinance in few days to charge variable taxes to traders, starting with 5% sales tax and 7.5% income tax will remain in place for three months for all traders.

From 1st October, 2022, these taxes would be on consumption of 50 units, after which these taxes would gradually increase for higher consumption units.

 Instead of fixed tax on retailers that will reduce revenue of Rs. 42 billion, we will now revert to the old system of ad valorem tax. This will mean a reduction in FBR revenue of Rs15 billion.

"We will compensate this by imposing taxes on tobacco and cigarettes of Rs36bn, the statement said.

Azhar Kayani, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Chairman FBR, Chairman OGRA, Federal Secretaries and senior officers attended the meeting.

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Posted on:2022-08-20T01:40:18+05:00