Upper house

The Senate gives recommendations to the NA on the complementary finance bill

A view of the Senate during a sitting of the upper house. – APP / File

ISLAMABAD: The Senate on Tuesday gave five recommendations on the finance bill ((additional) finance bill, 2021) to the National Assembly, requesting amendments to its various clauses.

The recommendations were reported by the Standing Senate Committee on Finance, Revenue and Economic Affairs.

The Chairman of the Standing Senate Committee, Senator Talha Mehmood, presented the committee’s report.

According to the report, the Senate opposed a budget proposal to publicly disclose asset declarations filed by politically exposed persons, officials and their spouses, except for the armed forces.

The Senate also recommended no tax on “Naan“And” bread “, including those prepared in bakeries.

The upper house recommended no tax on yogurt, butter, desi ghee and milk.

The Senate also opposed the proposal to force the business sector to make digital payments on the grounds that those payments could not be enforced.

The Senate proposed a tax only on imported bicycles of more than Rs 25,000 against the government’s proposal to impose taxes on all imported bicycles.

During the presentation of the report, Senator Talha Mehmood pointed out that the report was finalized during five consecutive committee meetings as committee members read the bill clause by clause and unanimously recommend proposals.

The chairman of the committee especially thanked the committee members and heads of various departments, including the Federal Board of Revenue (FBR), the Finance Division and the State Bank of Pakistan (SBP) for their participation in a long debate and process. .

He feared that a new wave of inflation would occur as a result of the amending finance bill.

Senator Mohsin Aziz, who is also a member of the Standing Committee on Finance, said the committee read the bill clause by clause during the five meetings.

He lamented that during committee business the atmosphere was friendly, but here in the house, Senator Talha Mehmood was only speaking for political gain.

Aziz said the opposition, which now criticizes the government’s program with the IMF, had been part of the program in the past.

He said the committee unanimously rejected an additional tax on milk and yogurt.

He added that the new taxes on the pharmaceutical sector were fully refundable and adjustable and that this would not affect drug prices.