The government has started implementing the conditionslink imposed by the InternationalMonetary Fund for the revival of $6 billion extended fund facilityprogramme as it has readied a bill link thatwill allow it to levy new taxes linkto Rs350 billion to Rs400 billion.
Sources divulged on Monday that the government in its pursuit to fulfil theIMF link conditionslink has prepared a billlink it to impose new taxeslink to the tune of Rs350-400 billion.
They reveal that the Law Ministry has finalized the Fourth Amendment Billlink to Taxation Law for levying new taxeslink and slashing development budget. Thegovernment has decided to cut down developmental expenditures from Rs900billion to Rs700 billion, they added.
According to sources, the bill link alsorecommends abolition of all ‘unnecessary tax exemptions’. It suggests togradually raise petroleum levy.
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The Law Ministry has also tinkered with the Amendment to State Bank ofPakistan Act, sources concluded.
