Islamabad: The federal cabinet has approved the imposition of new taxes worth Rs 170 billion and hike in gas and electricity prices to meet IMF conditions.
According to Leading News, a federal cabinet meeting was held under the chairmanship of the prime minister, in which the cabinet members were briefed on the economic situation of the country and the IMF program.
The federal cabinet approved the imposition of new taxes of 170 billion rupees while the cabinet approved the Tax Laws Bills 2023.
The Federal Cabinet has decided to convene the meeting of the National Assembly and the Senate on Wednesday, February 15. According to sources, the meetings of the National Assembly and the Senate will be called at an interval of one hour. First, there will be a meeting of the National Assembly in which the Tax Laws Amendment Bill will be presented and approved immediately. An hour after the National Assembly session, the Tax Laws Bill will be presented in the Senate session as well.
Apart from this, the federal cabinet approved the increase in electricity and gas prices. The Federal Cabinet ratified the decisions taken in the meetings of the Economic Coordination Committee while approving the increase in tax on luxury items. In the meeting of the Federal Cabinet, the report of the Power Division on the power breakdown was presented and the members were briefed.
In the cabinet meeting, it was decided that the tax law amendment bill will be approved immediately by suspending the rules from the National Assembly, while the tax law amendment bill will be presented in the Senate for recommendations. The government will approve the resolution by suspending the rules even in the majority bill. The Senate will pass a resolution to approve the tax laws amendment bill as it is.
