Thursday May 26, 2022

Senate forwards 150 budget proposal to NA

By Our Correspondent
May 10, 2018

ISLAMABAD: The Senate Wednesday approved nearly 150 recommendations to be forwarded to the National Assembly (NA) for consideration and possible adoption, recommending that the increase in petroleum development levy as proposed in Clause 2 of the Finance Bill, 2018, may be restricted to an increase of 25 percent over the existing rates.

The Senate of Pakistan recommend that visible steps should be taken for expediting disposal of the matter regarding interest based economic system pending before the Federal Shariat Court and that the advanced tax and sales tax imposed on mobile phone cards of Rs100 should be withdrawn.

The recommendations were tabled in the House by chairman of the Senate committee on finance Senator Farook H Naek and adopted. It was recommended that the penalties proposed in Clause 5, sub-clause (41) are too harsh, which should be rationalized.

The Senate recommended to the National Assembly that in Clause 5, sub-clause (25), in paragraph (ii), the Commissioner may not be allowed to reopen cases prior to ten years. Likewise, for the tax rates of individuals the slab of Rs12,00,000 to Rs24,00,000 the tax rate be increased to 10%, slab for Rs24,00,000 to Rs48,00,000 the tax rate be increased to 15% and the slab for Rs48,00,000 and above be increased by 25%.

It was recommended to the National Assembly that steps should be taken for the encouragement of tax payers and first 5000 tax payers should be accorded status of VIP citizen and awards should be given to them in the national events.

The Senate recommended to the National Assembly that the government should adhere to and implement the provisions of Fiscal Responsibility and Debt Limitation Act, 2005, and take steps to reduce the debt which is increasing rather than decreasing and putting the entire nation under heavy debt.

It was also recommended that the amount collected as tax on cigarettes should be spent in the health sector.

The Senate recommended to the National Assembly that the allocations in the PSDP for the provinces should be placed before the Senate at least two months before the finalization of the budget so that the Members of the Upper House may have an opportunity to fully participate in relation to the allocation of PSDP.