Ishaq Dar, the federal minister of finance and revenue, unveiled the Finance (Supplementary) Bill, 2023, on Wednesday and made a number of changes official. These included fiscal measures worth Rs170 billion (roughly $640 million) through additional taxes, as agreed upon with the International Monetary Fund (IMF).
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The finance minister criticized the PTI government’s term in office in his opening remarks and demanded the formation of a national committee to investigate the errors that had a detrimental effect on the country’s economy.
The amendment includes the 10% variable withholding tax that was just put in place on wedding venues.
Dar stated that the taxation measures will aid in reducing the budget deficit and further stated that the cabinet members will adopt an austerity stance to aid the nation during this difficult economic period.