The “Bonded Bulk Storage Policy 2023” for petroleum products was approved by the Economic Coordination Committee (ECC), Finance Minister Ishaq Dar stated on Wednesday in ISLAMABAD.
The minister made the announcement on Twitter, writing that the government has kept another of its promises “with the people of Pakistan that was made in the Budget Fiscal year 2024 speech.”
A news conference will be held, he said, when the state minister for petroleum will explain the policy in further detail.
The Finance Bill 2023-24, which includes the amended budgetary measures and an adjusted outlay of Rs14.48 trillion, was enacted by the National Assembly earlier this week.
The initial bill was introduced on June 9, and it was amended to include the new measures, which included a tax increase of Rs215 billion. The legislation mandated a GDP growth rate of 3.5 percent.
Dar’s motion to pass the bill was approved by the House. As the budget was passed, the banging of desks could be heard throughout the room. The Finance Act will go into force on July 1 after being signed by the president.
Dar, in a last-ditch effort to get a long-delayed rescue package from the International Monetary Fund (IMF), announced fiscal modifications costing Rs300 billion, which were accepted the day after Dar’s budget.
Acting President Sadiq Sanjrani signed the Finance Bill 2023-24 the following day.
Dar’s announcement of fresh measures as the budget debate came to a close indicated that the government had agreed most of the IMF’s demands, such as raising taxes on the salaried class and ending the $100,000 asset-whitening plan.
In light of Rs215 billion in additional taxes, the Federal Board of Revenue (FBR) saw a need to increase its revenue collection objective in the approved Finance Bill.
