Islamabad: President of Pakistan Asif Ali Zardari has signed Flood Surcharge Income Tax Ordinance 2011.
The surcharge will be collected at 15 percent of the income tax liability. Duty on luxury items has been increased by 2.5 percent from 1 percent. The ordinance will take effect immediately.
Sales Tax Reforms Ordinance and Federal Excise Reforms Ordinance have also been approved.
These measures will help the government collect additional Rs51 billion.
The finance ministry said the 15 percent flood surcharge would be collected till June 30, 2011.
Sales tax will be imposed on urea and tractors as well.
Twenty five billion rupees will be collected through new sales tax measures, 20 billion rupees through new income tax measures, while six billion rupees will be collected through federal excise duty measures.
Secretary Information Pakistan Muslim League-Nawaz (PML-N) Ahsan Iqbal strongly condemned the presidential ordinance and termed it an open violation of the Constitution. He said only National Assembly has the right to pass bills.
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