ECC approves bonded storage policy for petroleum products: Dar

Finance Minister Ishaq Dar announced on Wednesday that the Economic Coordination Committee (ECC) has approved the “Bonded Bulk Storage Policy 2023” for petroleum products.

The minister took to Twitter to make the announcement and said that the government has fulfilled another of its commitment "with the people of Pakistan that was made in the Budget Fiscal year 2024 speech”.

He added that the details of the policy will be shared by state minister for petroleum through a press conference.

Earlier this week, the National Assembly passed the Finance Bill 2023-24 with certain amendments to the proposed budgetary measures with the revised outlay of Rs14.48 trillion.

The new measures included Rs215 billion in additional taxes through amendments to the original bill, which was presented on June 9. The bill set a target of a 3.5% growth rate in gross domestic product (GDP).

Read Rs215b new taxes imposed to placate IMF

The house passed the bill, moved by Dar, with a majority vote. The house echoed with the thumping of the desks as the budget was approved. After the approval of the president, the Finance Act will take effect on July 1.

The budget was approved a day after Dar announced fiscal adjustments worth Rs300 billion, including fiscal tightening measures as demanded by the International Monetary Fund (IMF) in a final push to clinch a much-delayed rescue package.

A day later, acting President Sadiq Sanjrani approved Finance Bill 2023-24.

The new measures announced by Dar, while winding up the budget debate included increasing the tax burden on the salaried class and withdrawing the $100,000 asset-whitening scheme, suggesting that the government accepted a majority of the IMF demands.

According to the approved Finance Bill, the revenue collection target of the Federal Board of Revenue (FBR) had been revised upward to Rs9,415 billion in the wake of Rs215 billion new taxes.