• The National Assembly had passed the bill on Monday.
• The president gave approval to the bill as per Article 75
• The media wing of the President House said this.

ISLAMABAD: President Dr Arif Alvi on Thursday gave assent to the Finance (Supplementary) bill 2023.

The president gave the approval to the bill in accordance with Article 75 of the Constitution, the media wing of the President House said.

The National Assembly had passed the bill on Monday.

On February 20, the National Assembly had passed the Finance (Supplementary) Bill, 2023, proposing additional taxes and duties of 170 billion rupees to meet the understanding reached with the International Monetary Fund for the Extended Fund Facility.

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According to the bill, General Sales Tax will be increased from 17 percent to 18 percent. It has been decided to enhance the GST on luxury items from 17 percent to 25 percent.

For the air travel, it has been proposed that a fixed amount of Federal Excise Duty ranging from 250,000 rupees to 75,000 rupees of different tiers as per the International Air Transport Association on airfare for first, business and club classes should be imposed.

Besides, ten percent withholding adjustable advance tax will be levied on the bills of wedding halls in order to promote simplicity and austerity.  The Federal Excise Duty will be enhanced on sugary and aerated drinks, while FED will be increased on cement from 1.5 rupees to two rupees per kilogrammes.

Winding up discussion on the Finance (Supplementary) Bill, Finance Minister Ishaq Dar said the government fully realizes people’s problems due to rising inflation, but are compelled to take tough measures to strengthen the economy.