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ISLAMABAD: The upper house of the Parliament on Tuesday adopted the recommendations of its Standing Committee on Finance, Revenue and Economic Affairs regarding Finance (Supplementary) Bill 2021 or ‘mini-budget’ that were then sent to National Assembly for its consideration.

Deputy Chairman Senate Mirza Muhammad Afridi presided over the Senate sitting.

Talha Mehmood, the Chairman of the Senate panel, presented the committee’s report regarding the mini-budget that was adopted by the House.

Speaking on the floor of the House, Mehmood lambasted the federal government for bringing the mini-budget. “This is the budget of IMF (International Monetary Fund). It will open floodgates of inflation,” he said.

The Senate panel’s chairman said the tax exemptions withdrawn in the mini-budget were far greater than 343 billion rupees. “This mini-budget would result in unprecedented inflation that would force people to resort to robberies,” Mehmood warned. “This is a tsunami of inflation,” he deplored.

Tarin lays copy of ‘mini-budget’ in Senate amid uproar

The senator condemned what he said was ‘tyranny’ on part of the government against the business community. “If you want to win the battle of economy, then take the business community into confidence. Businessmen are not thieves. This country, this Parliament, runs on money of these people and you (government) label them as thieves,” he said.

The chairman Senate panel categorically criticised the government for taxing the edible and dairy items like bread, milk, yogurt, ‘naan’ and related items.

He said the prices of medicines would be doubled as result of the mini-budget and they would slip beyond the reach of common man.

During the fiery speech of the senator, the deputy chairman Senate muted his microphone that attracted strong protest from opposition.

Leader of the Opposition Yousuf Raza Gilani demanded that debate be initiated on the Murree tragedy while the deputy chairman Senate said that the members of the Senate finance panel wanted to share views on the mini-budget.

The Senate panel has rejected some key provisions of the Finance Supplementary Bill 2021 including provision of digital payment, disclosure of information of public office holders, increase withholding tax from 10 to 15 per cent of cellular services, 17 per cent sales tax on seeds, 17 percent sales tax on locally-manufactured mobile phones, and increase in the rate of withholding tax on purchase of motor vehicles.

‘Mini-budget’: Delay of a few days doesn’t really matter: Tarin

The Senate panel also unanimously rejected the imposed tax on naan and bread.

The committee has also rejected the proposed imposition on yogurt, butter, desi ghee, milk, cheese, cream, and whey.

On January 4, Finance Minister Shaukat Tarin laid a copy of the mini-budget in Senate that was referred to the Senate panel.

Constitutionally, the upper house of the Parliament can hold extensive debate on a money bill and devise recommendations accordingly but it has practically no role in budgetary legislation since it is completely up to the National Assembly to either completely or partially accepts those recommendations, or hand them an outright rejection.

Article 73 of the constitution which deals with parliamentary business with respect to money bills reads, “(1) Notwithstanding anything contained in Article 70, a money bill shall originate in the National Assembly: Provided that simultaneously when a money bill, including the finance bill containing the annual budget statement, is presented in the National Assembly, a copy thereof shall be transmitted to the Senate which may, within fourteen days, make recommendations thereon to the National Assembly.

(1A) The National Assembly shall, consider the recommendations of the Senate and after the bill has been passed by the assembly with or without incorporating the recommendations of the Senate, it shall be presented to the president for assent.”

The House is scheduled to meet again on Friday.

Copyright Business Recorder, 2022

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