Government will seek Parliamentary approval this week to borrow an additional Rs 150 billion through the issue of Treasury Bills.
The resolution under the Local Treasury Bill Ordinance will raise the limit on Treasury Bills by an additional Rs 150 billion, from the current limit of Rs 600 billion.
Additionally the Government is also seeking Parliamentary approval to increase the Nation Building Tax from the current one per cent to three per cent with effect from May 1 while increases to the Special Commodity Levy on several food items too will be also presented to the House for sanction.
The Special Commodity Levy increases have been effective since February and March and were made by Gazette order. The increases ranging from Rs. 15 to Rs. 40 per kilo apply to items such as sprats, potatoes, B-onions, chickpeas, green gram, chillies, canned fish and canned sardines.
An import duty on wheat grain under the Customs Ordinance too will be presented to Parliament under which the preferential rate paid per kilo of imported wheat grain will be four rupees per kilo and Rs 10 per kilo at the general rate.
Meanwhile the Default Taxes (Special Provisions) Bill under which the Government is seeking to write off default taxes of State institutions and streamline and speed up the process of recovery of taxes in default has been challenged in the Supreme Court to determine if its provisions are consistent with the Constitution.
The Supreme Court determination on the Bill is likely to be conveyed to the Speaker by tomorrow when the Bill is scheduled to be taken up for debate. |
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