Senate makes 154 budget recommendations
Proposals include giving 10% of basic salary as ad-hoc relief to all federal govt employees
PHOTO: FILE
ISLAMABAD:
The Senate chairman on Monday prorogued the 290th session of the upper house after it unanimously approved 65 recommendations on the Finance Bill 2019-20 and 68 recommendations on the Public Sector Development Programme (PSDP) 2019-20, containing annual budget statement.
The Senate Standing Committee on Finance, Revenue and Economic Affairs chairman Farooq H Naek had moved a total of 171 recommendations. However, the house rejected 17 of them. The approved recommendations were forwarded to the National Assembly for consideration.
The approved recommendations include the one by Shibli Faraz to abolish Riba from economy at the earliest. It also includes proposals by Kalsoom Parveen to give 10% of basic salary as ad-hoc relief to all federal government employees of grade-17 and above and 20% to the employees of up to grade-16.
The Senate also approved recommendation that the ad-hoc relief allowances of 10% for year 2016, 2017, and 2018 should be merged in the basic pay of civil servants and armed forces.
The Senate recommended that tax rate on dividend income was 15% for individuals which is very high and should be reduced to 10% as provided earlier. The Senate also approved the recommendation to give tax exemption to all salaried people, earning up to Rs90,000 per month.
It is recommended to allow storage battery manufacturers to sell their products for solar solutions at zero rate of sales tax to remain on a par with commercial importers of solar solutions.
It also approved the recommendations to allocate Rs750 million for Naltar-Gilgit power plant, Rs300 million for Naltar Expressway, Rs302 million for Harpo power plant, Rs200 million for 50-bed cardiac hospital in Gilgit, Rs100 million for Polytechnic Institute Skardu, Rs3.85 billion for sewerage and sanitary system in Gilgit, Rs2.1 billion for widening of 65 kilometer Botogah road in Chillas, Rs 750 million for Karagah energy corridor roads, Rs2.7 billion for Medical College Gilgit, and Rs 500 million for Women University, KIU Gilgit.
The Senate also approved the recommendation for lowering the fiscal deficit target by 1 per cent from 7.1% to 6.2% of the GDP and also to reduce the fiscal deficit gradually to 5% in the year 2020-21, and then 4% in 2021-22.
The house also approved the recommendations of freezing exchange rate to Rs150 per US dollar besides fixing policy rate at 9% and making efforts to increase the GDP growth rate up to 4%.
The recommendation to place all important debt agreements which make Pakistan liable, such as the one with the International Monetary Fund (IMF), before the parliament, was also approved.
The house cleared the recommendation that the PSDP allocation for Ministry of Climate Change be enhanced at least by 15%. The Senate recommended to the National Assembly that an exemption of sales tax for three years should be granted to the brick-kilns that are upgrading the production to environment-friendly system.
Senator Naek also laid the report on a money bill to provide for voluntary declaration of undisclosed assets, sales, and expenditure (The Asset Declaration Bill, 2019).
Speaking on the occasion, Minister for Parliamentary Affairs Azam Khan Swati laid stress on amending the Article 73 of the Constitution so that passage of a finance bill may be made conditional also to the approval of the Senate. The minister said the upper house is also equally important like the lower house of the parliament.
He congratulated the Standing Committee on Finance and Revenue chairman and its members for their recommendations on the Finance Bill. Dr Jehanzeb Jamaldini also lauded the efforts of the committee for finalizing the recommendations and said the government should incorporate these in the budget.
Later, Senate Chairman Sadiq Sanjrani prorogued the 290th Session of Senate after conclusion of its budget debate. The session was summoned on June 11 for budget debate and approval of recommendations, forwarded by the Standing Committee on Finance, Revenue and Economic Affairs.
The Senate chairman on Monday prorogued the 290th session of the upper house after it unanimously approved 65 recommendations on the Finance Bill 2019-20 and 68 recommendations on the Public Sector Development Programme (PSDP) 2019-20, containing annual budget statement.
The Senate Standing Committee on Finance, Revenue and Economic Affairs chairman Farooq H Naek had moved a total of 171 recommendations. However, the house rejected 17 of them. The approved recommendations were forwarded to the National Assembly for consideration.
The approved recommendations include the one by Shibli Faraz to abolish Riba from economy at the earliest. It also includes proposals by Kalsoom Parveen to give 10% of basic salary as ad-hoc relief to all federal government employees of grade-17 and above and 20% to the employees of up to grade-16.
The Senate also approved recommendation that the ad-hoc relief allowances of 10% for year 2016, 2017, and 2018 should be merged in the basic pay of civil servants and armed forces.
The Senate recommended that tax rate on dividend income was 15% for individuals which is very high and should be reduced to 10% as provided earlier. The Senate also approved the recommendation to give tax exemption to all salaried people, earning up to Rs90,000 per month.
It is recommended to allow storage battery manufacturers to sell their products for solar solutions at zero rate of sales tax to remain on a par with commercial importers of solar solutions.
It also approved the recommendations to allocate Rs750 million for Naltar-Gilgit power plant, Rs300 million for Naltar Expressway, Rs302 million for Harpo power plant, Rs200 million for 50-bed cardiac hospital in Gilgit, Rs100 million for Polytechnic Institute Skardu, Rs3.85 billion for sewerage and sanitary system in Gilgit, Rs2.1 billion for widening of 65 kilometer Botogah road in Chillas, Rs 750 million for Karagah energy corridor roads, Rs2.7 billion for Medical College Gilgit, and Rs 500 million for Women University, KIU Gilgit.
The Senate also approved the recommendation for lowering the fiscal deficit target by 1 per cent from 7.1% to 6.2% of the GDP and also to reduce the fiscal deficit gradually to 5% in the year 2020-21, and then 4% in 2021-22.
The house also approved the recommendations of freezing exchange rate to Rs150 per US dollar besides fixing policy rate at 9% and making efforts to increase the GDP growth rate up to 4%.
The recommendation to place all important debt agreements which make Pakistan liable, such as the one with the International Monetary Fund (IMF), before the parliament, was also approved.
The house cleared the recommendation that the PSDP allocation for Ministry of Climate Change be enhanced at least by 15%. The Senate recommended to the National Assembly that an exemption of sales tax for three years should be granted to the brick-kilns that are upgrading the production to environment-friendly system.
Senator Naek also laid the report on a money bill to provide for voluntary declaration of undisclosed assets, sales, and expenditure (The Asset Declaration Bill, 2019).
Speaking on the occasion, Minister for Parliamentary Affairs Azam Khan Swati laid stress on amending the Article 73 of the Constitution so that passage of a finance bill may be made conditional also to the approval of the Senate. The minister said the upper house is also equally important like the lower house of the parliament.
He congratulated the Standing Committee on Finance and Revenue chairman and its members for their recommendations on the Finance Bill. Dr Jehanzeb Jamaldini also lauded the efforts of the committee for finalizing the recommendations and said the government should incorporate these in the budget.
Later, Senate Chairman Sadiq Sanjrani prorogued the 290th Session of Senate after conclusion of its budget debate. The session was summoned on June 11 for budget debate and approval of recommendations, forwarded by the Standing Committee on Finance, Revenue and Economic Affairs.