Government plans to impose additional taxes worth Rs. 30 bn

• Money Bill will be introduced before to the IMF Executive Board meeting at the end of August.
• The Finance Ministry plans to collect additional taxes to pay Pakistan State Oil (PSO).
• There have been widespread worries that PSO may go into default because of increasing overseas payments.

The federal government has made the decision to introduce the Money Bill before the International Monetary Fund (IMF) Executive Board meeting at the end of August.

According to sources, the government plans to issue an order to collect 30 billion rupees worth of new taxes.

They further disclosed that the Federal Board of Revenue (FBR) had already taken action in this regard.

The Finance Ministry plans to collect these additional taxes to pay Pakistan State Oil (PSO). There have been widespread worries lately that PSO may go into default because to increasing overseas payments.

The government has also decided to give small businesses a tax break on their electricity expenses, according to FBR sources.

More taxes would be implemented in order to lessen the effect of this tax reduction on the goal of revenue collection.

Due to overwhelming criticism from the business community, according to Finance Minister Mifath Ismail, the government would exempt small merchants using less than 150 units from paying taxes on their electricity bills.

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