The Senate on Monday proposed 128 alterations and amendments to the National Assembly for consideration of inclusion in the Finance Bill 2024.
Of the 128, per a statement, 69 were related to general recommendations for the budget for fiscal year 2024-25; eight to Custom Act, 1969; 23 to Sales Tax Act, 1990; 15 to Income Tax Ordinance, 2001; three to the Federal Excise Act, 2005; and 1 in Abandoned Properties. The proposed recommendations were presented by Senate Standing Committee on Finance Chairman Saleem Mandviwalla and subsequently adopted by the House.
Presenting the proposals, Mandviwalla lamented the committee only had six days instead of the usual 14 to examine the budget document and prepare recommendations for the Lower House. He said around 32 associations, chambers of commerce from all provinces and members of the civil society including education, medical, retail, automotive and other sectors met the finance committee and gave their feedback.
Of the Rs. 18.9 trillion budget, he said, some Rs. 9.75 trillion was earmarked for interest and debt repayments, while Rs. 2.63 trillion was to be borrowed to make up the budget deficit. He noted minimal effort to induct 2.9 million non-filers into the tax net, noting this would increase revenue without further burdening the poor masses.
Mandviwalla said the committee had unanimously rejected an increased tax on the low-tiered salaried class, as well as one imposed on baby milk. He said persons with disabilities who served in public departments had also presented their grievances to the forum, alleging they were ignored in all budgets of the past decade. He said the committee had proposed the government grant special allowances, negotiate with them and listen to their problems.
The committee chairman further said charity hospitals should be given incentives, while institutions that charged fees to the masses should be taxed. He also lamented the taxes imposed on textbooks and stationery items, noting the committee had supported the public’s demand for their abolishment.
Mandivalla urged the House to quit playing politics on Pakistan’s economy. “If this practice continues then the next budget would be the worst,” he warned, urging all political parties to sign a genuine charter of economy on the pattern of the charter of democracy.
Finance Minister Muhammad Aurangzeb, responding to the recommendations, said they would be reviewed and implemented after being tabled in the Lower House.