Govt unveils Rs 120 billion mini-budget to fulfil IMF conditions

Earlier, an attempt to get parliament’s nod on the Reformed General Sale Tax (RGST) had backfired, the government chose to bring the “mini-budget” through a presidential ordinance. According to the ordinance, 15 percent flood surcharge has been added to the income tax, the federal excise duty has been increased from one percent to 2.5 percent while two percent hike in power tariff have imposed till June 30. The government has also banned the recruitments in government departments but all the vacancies which have advertised will be exempted from this condition.The government has also ended the subsidies, which were given on tractors, fertilisers and pesticides. The government has also decided to cut the federal budget.