Govt ready to introduce two ordinances to impose Rs290 billion taxes on the masses

Pakistan ready to become regional trade, transit hub: PM
Pakistan ready to become regional trade, transit hub: PM

ISLAMABAD: The federal government is will impose Rs290 billion taxes on the citizens, reported Khyber News on Saturday.

Under the first ordinance, the government will abolish income tax exemptions given to various sectors.  As per sources the procedure to introduce a presidential ordinance to abolish the income tax exemption of Rs140 billion has been completed and a summary in this regard has been approved by the federal cabinet.

The officials, privy to the development, said that the summary of the ordinance was approved by the cabinet via circulation, adding that the bill is not being introduced in the parliament due to lack of time.

“The federal government has to inform the International Monetary Fund (IMF) before March 24 about the abolition of income tax exemption,” said the sources.

The other ordinance will focus on the power sector as it is an IMF requirement.

The sources say that through the ordinance, power consumers will endure the burden of Rs150 billion surcharge to enable the government to control the spiralling circular debt.

Sources said the government has finalised preparations to bring an ordinance in this regard.

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