Pakistan

Govt succeeds again as the National Assembly passes mini-budget

The National Assembly passed the Supplementary Finance Bill 2021 (Money Budget) by a majority vote and rejected all the amendments proposed by the opposition.

Under the bill, 17 per cent General Sales Tax (GST) will be levied on formula milk worth more than Rs 500.

In addition, the tax on imported vehicles has been increased, 12.5% ​​tax will be levied on imported vehicles instead of the proposed 5%.

It has been decided to impose 2.5% duty on locally manufactured 1300 cc vehicles, 5% duty on local vehicles of 1301 to 2000 cc instead of 10% and 10% on local vehicles above 2001 cc. Duty will be imposed.

In addition, sales tax on red pepper and iodized salt has been abolished.

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