ISLAMABAD: The federal government is presenting a mini-budget involving Rs350 billion tax revenue measures and elimination of subsidies today. According to traders and opponents of the government, mini-budget will trigger a fresh wave of inflation in the country.
Prime Minister Imran Khan has summoned a meeting of the federal cabinet today (Dec 30) which will give a go-ahead for the mini-budget (the Finance Supplementary Bill 2021).
Later, the Finance Amendment Bill 2021 will directly be presented in the National Assembly as part of the government’s effort to fulfil the IMF conditions to qualify for the resumption of suspended $6 billion package.
Following the passage of the mini-budget, prices of several commodities, including power, gas and petroleum products, will hike owing to the tough conditions of the International Monetary Fund (IMF).
Besides rolling back subsidies worth Rs350 billion, taxes and duties on more than 1,700 items will also be increased in the mini-budget, said sources, adding that taxes on all imported and luxury items will be increased.
None from treasury benches or allies objected to mini-budget: Fawad
Federal Information Minister Fawad Chaudhry said that meeting of the federal cabinet had to be cancelled as there was no session of the National Assembly scheduled. He explained that a bill has to go directly to the parliament after its approval from the cabinet.
