The government has started implementing the conditions link imposed by the International Monetary Fund for the revival of $6 billion extended fund facility programme as it has readied a bill link that will allow it to levy new taxes link to Rs350 billion to Rs400 billion.
Sources divulged on Monday that the government in its pursuit to fulfil the IMF link conditions link has prepared a bill link it to impose new taxes link to the tune of Rs350-400 billion.
They reveal that the Law Ministry has finalized the Fourth Amendment Bill link to Taxation Law for levying new taxes link and slashing development budget. The government has decided to cut down developmental expenditures from Rs900 billion to Rs700 billion, they added.
According to sources, the bill link also recommends abolition of all ‘unnecessary tax exemptions’. It suggests to gradually raise petroleum levy.
The Law Ministry has also tinkered with the Amendment to State Bank of Pakistan Act, sources concluded.