Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar at the concluding budget session at National Assembly. PHOTO: PID
The National Assembly has approved the Rs4.3 trillion federal budget and passed the finance bill for fiscal year 2014-15, accepting all tax-related amendments moved by the government while rejecting those moved by the opposition.
Following a nine-day discussion, the 149-page bill moved by Finance Minister Ishaq Dar was passed by the lower house of parliament with a majority in a clause-by-clause reading on Saturday. The president will sign the bill into law which will be effective from July 1.
Prime Minister Nawaz Sharif, who was present in the house, thumped his desk to appreciate the finance minister as the finance bill was passed.
Addressing the house during proceedings, Dar said the country’s forex reserves have reached $14.2 billion. “We are struggling to improve the economy... [but our] prudent policies have started paying off,” he said jubilantly.
Responding to points raised by the opposition, Dar said the government is giving a subsidy worth Rs21 billion on petroleum products to facilitate people. He also pointed out that around 16% of electricity is being stolen at the moment. The government is trying to bring this down to 9% in a year’s time, he said.
Talking about tax collection, the minister said the federal government has to pay funds to the provinces from the divisible pool and has no other resources to generate funds. “We have given Rs200 billion to the provinces this year and are planning to increase it to Rs300 billion next year,” he said.
In response to points raised by Sheikh Rashid Ahmad of the Awami Muslim League, Dar said the government was making all appointments on merit. “Appointments are being made on the recommendation of the appointment commission constituted by the Supreme Court.”
“If the opposition points out any specific anomaly in appointments, it will be conveyed directly to the prime minister,” he added.
The minister said that the premier has repeatedly vowed to end load-shedding in the next three to four years. “At the moment, the country is facing a shortfall of 4,500MW. We are trying to plug it by increasing generation.”
Defending the Nandipur power project, Dar said it was fully functional and producing electricity. “Baseless propaganda against the project is beyond my comprehension.”
The minister also urged the opposition to refrain from criticising the premier’s laptop schemes. “This scheme was launched for the youth of the country... National resources are for the poor and deserving people, and we are trying our best to make the distribution fair.” Talking about the Metro Bus service, Dar said the project was launched after the approval of the Executive Committee of the National Economic Council (Ecnec).
Earlier during proceedings, Pakistan Peoples Party’s Naveed Qamar said taxation powers should not be relegated to the Federal Board of Revenue (FBR). “This will undermine parliament… all amendments regarding taxation should be introduced in parliament,” he said.
“The government promises to end the SRO (statutory regulatory order) culture on one hand but gives FBR extraordinary powers on the other,” Qamar pointed out. He suggested strengthening FBR’s tax collection capability rather than giving it powers to increase or decrease taxes.
In reply, Finance Minister Dar said the government has eliminated FBR’s sweeping powers to make it a responsible institution. “We want to bring financial discipline by correcting errors made by the past government.”
Tribute to Benazir
The National Assembly also passed a unanimous resolution on Saturday paying tribute to late PPP chairperson Benazir Bhutto on her 61st birth anniversary.
“We [parliamentarians] salute her single-minded determination to eliminate terrorism, and pay tribute to her incomparable services for a democratic Pakistan, for which she ultimately laid down her life,” the resolution stated.
The house also passed a resolution condemning the gruesome murder of Muttahida Qaumi Movement MNA Tahira Asif.
Published in The Express Tribune, June 22nd, 2014.
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It has to be passed...because none of our politicians / lawmakers are capable to read & analyze the details contained in the document...and our PML N govt are an expert in playing with figures because they are all basically businessmen & knows how to hide actual figures....
“Appointments are being made on the recommendation of the appointment commission constituted by the Supreme Court.” Certainly not the impression one gets from reading the news, Mr Minister. The chair of this commission recently said that one member had resigned and as such, they were pretty much dysfunctional. Unless you are referring to some other commission...?