Finance Bill 2024: Senate proposes whopping 128 recommendations to National Assembly

  • Senate Standing Committee on Finance unanimously rejects increase in tax on low-tier salaried class, Chairman Saleem Mandviwalla says
Published June 24, 2024

The Senate on Monday proposed a mammoth total of 128 recommendations including nine about the public sector development programme (PSDP) for year 2024-25 to the National Assembly (NA) for inclusion in the Finance Bill 2024.

The recommendations on the Finance Bill, 2024 would be forwarded to the NA, which would decide whether or not these recommendations are to be incorporated into the Money Bill.

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Out of the total 128 recommendations, some 69 were related to general recommendations on budget 2024-25, eight in Custom Act, 1969, 23 in Sales Tax Act, 1990, 15 in Income Tax Ordinance, 2001, three in the Federal Excise Act, 2005 and one in Abandoned Properties.

Chairman of the Senate Standing Committee on Finance Saleem Mandviwalla presented the Senate’s budget recommendations which were adopted by the House.

Earlier, speaking at the floor of the House, Saleem Mandviwalla said that they were given 6 days instead of 14 to go through the budget document and prepare recommendations for the lower house of the Parliament.

Mandviwalla said some 32 associations, chambers of commerce from all provinces, and members of the civil society including education, medical, retail, automotive, and others met the finance committee and gave their feedback.

He went on to say that out of the total Rs18.9 trillion budget for the financial year 2024-25, some Rs9.75 trillion were to be paid in interest and debt repayments while Rs2.63 trillion to be borrowed to make up the budget deficit.

He said some 2.9 million non-filers were left at large by the authorities who should be brought into the tax net to increase revenue instead of burdening the poor masses.

Mandviwalla shared that the committee unanimously rejected the increase in tax on low-tier salaried class and also the one imposed on baby milk.

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He said for the first time persons with disabilities who served in public departments came to the forum and presented their grievances. The disabled persons claimed that they were ignored in the budgets passed in the past decade, according to Mandviwalla.

He said the committee proposed the government to allocate special allowance, negotiate with them, and listen to their problems. Charity hospitals should be given incentives and those charging fees should be taxed, he added.

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He further told that for the first time taxes were imposed on school-going children books and stationery items, which general public and stakeholders demanded to abolish and the committee also supported their demand.

Mandviwalla urged the entire house to quit politics on Pakistan’s economy.

“If this practice continues then the next budget would be the worst,” he said.

He maintained that all the political parties should sign a genuine charter of economy on the pattern of charter of democracy signed by the political leaderships to protect democracy from derailment.

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TruthHurts Jun 24, 2024 11:05pm
Colonial remnants showing their colors!
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Dr Rashid Mehmood Jun 24, 2024 11:52pm
P0S installation on retailers shop should be mandatory
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KU Jun 25, 2024 12:13am
Its certain that not a single recommendation or worry on reducing high cost of energy, n make economic recovery feasible n possible. We are losing time, hope doesn't work when people fear survival.
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Rebirth Jun 25, 2024 12:59am
The budget deficit is 8.5 trillion, not 2.5 trillion. We need more than $30 billion in debt to finance our deficit. Our actual income is around $60 billion. The total budget was $95 billion.
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