ISLAMABAD: President Dr Arif Alvi gave his ceremonial assent to Finance Bill 2022-23 under Articles 73 and 75 of the Constitution, ARY News reported on Thursday.
According to details, the President gave his approval to the Finance Bill 2022-23 after it was passed by the National Assembly a day earlier.
Dr Alvi has assented to the finance bill under Article 75 of the Constitution. Under the said article, the president is bound to give his assent to a money bill within 10 days.
Read More: National Assembly approves Rs 50 petroleum levy in budget
A day earlier, the National Assembly passed an amendment in the Finance Bill to approve Rs 50 per litre petroleum development levy on all POL products.
The session of the lower house of the parliament continued clause-wise approval of the finance bill. The house passed the finance bill 2022-23 presented by Minister of State for Finance Ayisha Ghous Pasha in its session today.
All budget proposals from the opposition members were rejected with majority vote.
Finance Minister Miftah Ismail told the house that 50 rupees per litre will not be imposed in one go. “Presently their is zero petroleum levy,” he explained. The levy will be gradually increased by Rs 5 per month to reach a maximum of Rs 50, approved by the house.
