NA passes Finance Bill 2022-23, approves 10pc Super Tax

ISLAMABAD, June 29 (SABAH): National Assembly (NA) on Wednesday has passed Finance Bill 2022-23, giving legal effect to the budgetary proposals for the next fiscal year.

The Lower House of the Parliament also approved 10 percent ‘Super Tax’ on several big industries as well as other amendments introduced after International Monetary Fund (IMF) pressure.

The National Assembly also approved amending the Petroleum Products (Petroleum Levy) Ordinance, 1961, caving in to the IMF’s demand of imposing a petroleum tax levy of Rs50.

However, the finance minister, while speaking on the floor, said that the petroleum levy was at Rs0 currently and reiterated that the government will not impose Rs50 in one go.

“The government has got the permission from you (the House) to impose up to Rs50 per litter levy on petroleum products but there is no intention to take the levy up to this figure”, he said.