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class="content__text" To raise Rs115 billion out of the anticipated Rs170 billion mini-budget, the government on Tuesday increased the general sales tax (GST) rate to 18% and sharply hiked tobacco levies with immediate effect. After President Arif Alvi failed to publish an ordinance sent by the government, the federal cabinet moved to enforce a further condition imposed by the International Monetary Fund (IMF) for the restoration of the $6.5 billion initiative that had been halted. However, the global lender will only approve measures that are permanent in nature, which the government will ensure by obtaining parliamentary approval. The federal cabinet used its administrative authority to boost the GST rate by 1% to 18% and the federal excise duty (FED) rates on cigarettes to Rs115 per pack.

February 16, 2023