{"id":92292,"date":"2023-02-16T12:48:45","date_gmt":"2023-02-16T07:48:45","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=92292"},"modified":"2023-02-16T12:50:09","modified_gmt":"2023-02-16T07:50:09","slug":"170-bn-imf-agreement","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html","title":{"rendered":"Govt to raise PKR 170 bn to resume IMF agreement"},"content":{"rendered":"\n<p>Islamabad: Finance Minister Ishaq Dar on Wednesday (February 15) introduced the Finance (Supplementary) Bill, 2023, to raise PKR 170 billion in taxes to resume the International Monetary Fund (IMF) agreement, news sources reported.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-impose-new-taxes-shortfall.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR ready to impose new taxes to bridge shortfall<\/a><\/p>\n\n\n\n<p>The new finance bill mandates a General Sales Tax (GST) of at least 18% on all goods,&nbsp; including building supplies, and a 25% GST on luxury imports. The bill, which was introduced in the Senate, is anticipated to cover the shortfall in tax revenue. The tax authorities need to reach the PKR 7.4 trillion target for the current fiscal year (22022-23).<\/p>\n\n\n\n<p>Following is a breakdown of the proposed new tax measures:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PKR 10 billion is to be raised by increasing <a href=\"http:\/\/FY2021-22: FBR collects PKR 81 bn from property transactions\" target=\"_blank\" rel=\"noreferrer noopener\">excise duty on business<\/a>, first and club-class air tickets with a tax rate of 20% or PKR 50,000 (whichever is higher).<\/li>\n\n\n\n<li>PKR 6 billion is to be raised by raising<a href=\"https:\/\/www.zameen.com\/news\/cement-sector-registers-growth.html\" target=\"_blank\" rel=\"noreferrer noopener\"> excise duty on cement <\/a>from PKR 1.5 to PKR 2 per kilogram<\/li>\n\n\n\n<li>PKR 10 billion is to be raised by increasing excise duty on carbonated\/aerated drinks from 13% to 20%<\/li>\n\n\n\n<li>PKR 115 billion to be generated from raising federal excise duty on cigarettes and increasing the general sales tax rate from 17% to 18%<\/li>\n<\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/cement-sector-registers-growth.html\" target=\"_blank\" rel=\"noreferrer noopener\">Cement sector registers mild growth in Jan 23<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PKR 4 billion is to be raised by imposing a new excise tax of 10% on non-aerated drinks like juices<\/li>\n\n\n\n<li>PKR 4 billion is to be raised by increasing the sales tax rate to 18% from 17% on completely-built mobile phone imports costing between USD 200 to USD 500, and a sales tax rate of 25% on sets worth USD 500 or above<\/li>\n\n\n\n<li>PKR 4 billion is to be raised by increasing the<a href=\"https:\/\/www.zameen.com\/news\/fbr-increases-steel-value.html\" target=\"_blank\" rel=\"noreferrer noopener\"> sales tax rate to 25%<\/a> on luxury items in the category of food import, including confectionery, jams and jelly, fish and frozen fish, sauces, ketchup, fruits and dry fruits, preserved fruits, cornflakes, frozen meat, juices, pasta, aerated water, ice cream, and chocolates<\/li>\n\n\n\n<li>PKR 1-2 billion to be raised from a 10% withholding tax on functions and gatherings in commercial places<\/li>\n<\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-exemption-import-restrictions.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP allows one-time exemption from import restrictions\u00a0\u00a0<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>As much as 25% tax will be levied on luxury items; such as home appliances, cosmetics, crockery, pet food, private weapons and ammunition, shoes, chandeliers and lighting (except energy savers), headphones and loudspeakers, doors and window frames, travelling bags and suitcases, sanitary ware, carpets (except imported from Afghanistan), tissue paper, furniture, shampoos, automobiles, luxury mattresses and sleeping bags, bathroom ware, toiletries, heaters, blowers, sunglasses, kitchenware, cigarettes, shaving goods, luxury leather apparel, musical instruments, saloon items like hair dryers, etc.<\/li>\n<\/ul>\n\n\n\n<p>it is important to note that, Pakistan signed an agreement with IMF for the USD over 6 billion in assistance under its Extended Fund Facility (EFF). However, the IMF refused to conduct the 9th review for the release of a USD 1.2 billion tranch to stabilise external payment pressure. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Finance Minister Ishaq Dar on Wednesday (February 15) introduced the Finance (Supplementary) Bill, 2023, to raise PKR 170 billion in taxes to resume the International Monetary Fund (IMF) agreement, news sources reported. Read: FBR ready to impose new taxes to bridge shortfall The new finance bill mandates a General Sales Tax (GST) of at least 18% on all goods,&nbsp; including building supplies, and a 25% GST on luxury imports. The bill, which was introduced in the Senate, is anticipated to cover the shortfall in tax revenue. The tax authorities need to reach the PKR 7.4 trillion target for the current fiscal year (22022-23). Following is a breakdown of the proposed new tax measures: Read: Cement sector registers mild growth in Jan 23 Read: SBP allows one-time exemption from import restrictions\u00a0\u00a0 it is important to note that, Pakistan signed an agreement with IMF for the USD over 6 billion in assistance under its Extended Fund Facility (EFF). However, the IMF refused to conduct the 9th review for the release of a USD 1.2 billion tranch to stabilise external payment pressure.<\/p>\n","protected":false},"author":84,"featured_media":87304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[54453,52979,56329,15726,56330],"persona":[],"class_list":{"0":"post-92292","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr-news-and-updates","9":"tag-fbr-taxes","10":"tag-governemnt-taxes","11":"tag-gst","12":"tag-gst-rate-pakistan","13":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt to raise taxes to resume IMF agreement - Zameen News<\/title>\n<meta name=\"description\" content=\"To resume IMF agreement, the new finance bill mandates a General Sales Tax (GST) of at least 18% on all goods,\u00a0 including building supplies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt to raise taxes to resume IMF agreement - Zameen News\" \/>\n<meta property=\"og:description\" content=\"To resume IMF agreement, the new finance bill mandates a General Sales Tax (GST) of at least 18% on all goods,\u00a0 including building supplies\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-16T07:48:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-16T07:50:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2022\/07\/IMF-Pak.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nauman Ahmad\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nauman Ahmad\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Govt to raise taxes to resume IMF agreement - Zameen News","description":"To resume IMF agreement, the new finance bill mandates a General Sales Tax (GST) of at least 18% on all goods,\u00a0 including building supplies","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html","og_locale":"en_US","og_type":"article","og_title":"Govt to raise taxes to resume IMF agreement - Zameen News","og_description":"To resume IMF agreement, the new finance bill mandates a General Sales Tax (GST) of at least 18% on all goods,\u00a0 including building supplies","og_url":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html","og_site_name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","article_publisher":"https:\/\/www.facebook.com\/ZameenPK","article_published_time":"2023-02-16T07:48:45+00:00","article_modified_time":"2023-02-16T07:50:09+00:00","og_image":[{"width":1170,"height":400,"url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2022\/07\/IMF-Pak.jpg","type":"image\/jpeg"}],"author":"Nauman Ahmad","twitter_card":"summary_large_image","twitter_creator":"@ZameenProperty","twitter_site":"@ZameenProperty","twitter_misc":{"Written by":"Nauman Ahmad","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html#article","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html"},"author":{"name":"Nauman Ahmad","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/0ea33500845f59b56c53060ac1ef44a9"},"headline":"Govt to raise PKR 170 bn to resume IMF agreement","datePublished":"2023-02-16T07:48:45+00:00","dateModified":"2023-02-16T07:50:09+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html"},"wordCount":462,"commentCount":0,"publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"image":{"@id":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2022\/07\/IMF-Pak.jpg","keywords":["FBR news and updates","FBR taxes","governemnt taxes","GST","GST rate Pakistan"],"articleSection":["Notices &amp; Announcements"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html","url":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html","name":"Govt to raise taxes to resume IMF agreement - Zameen News","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html#primaryimage"},"image":{"@id":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2022\/07\/IMF-Pak.jpg","datePublished":"2023-02-16T07:48:45+00:00","dateModified":"2023-02-16T07:50:09+00:00","description":"To resume IMF agreement, the new finance bill mandates a General Sales Tax (GST) of at least 18% on all goods,\u00a0 including building supplies","breadcrumb":{"@id":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html#primaryimage","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2022\/07\/IMF-Pak.jpg","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2022\/07\/IMF-Pak.jpg","width":1170,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/www.zameen.com\/news\/170-bn-imf-agreement.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.zameen.com\/news"},{"@type":"ListItem","position":2,"name":"Govt to raise PKR 170 bn to resume IMF agreement"}]},{"@type":"WebSite","@id":"https:\/\/www.zameen.com\/news\/#website","url":"https:\/\/www.zameen.com\/news\/","name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","description":"","publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.zameen.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.zameen.com\/news\/#organization","name":"Zameen.com","alternateName":"Zameen","url":"https:\/\/www.zameen.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","width":600,"height":300,"caption":"Zameen.com"},"image":{"@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ZameenPK","https:\/\/x.com\/ZameenProperty","https:\/\/www.instagram.com\/zameenpk\/"]},{"@type":"Person","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/0ea33500845f59b56c53060ac1ef44a9","name":"Nauman Ahmad","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/05\/Picture1-96x96.png","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/05\/Picture1-96x96.png","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/05\/Picture1-96x96.png","caption":"Nauman Ahmad"},"description":"Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.","sameAs":["https:\/\/www.zameen.com"],"url":"https:\/\/www.zameen.com\/news\/author\/nauman_ahmad"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/92292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/comments?post=92292"}],"version-history":[{"count":6,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/92292\/revisions"}],"predecessor-version":[{"id":92298,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/92292\/revisions\/92298"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media\/87304"}],"wp:attachment":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media?parent=92292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/categories?post=92292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/tags?post=92292"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/persona?post=92292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}