Tag: Senate Standing Committee

  • IMF criticises Pakistan’s budget for FY24, urges govt to enhance revenue generation

    IMF criticises Pakistan’s budget for FY24, urges govt to enhance revenue generation

    The Ministry of Finance high-ups informed the Senate Standing Committee on Finance and Revenues that the International Monetary Fund (IMF) has expressed serious objections regarding the budgetary framework for 2023-24. 

    The IMF has urged the government to increase both tax and non-tax revenues. 

    A senior Ministry of Finance official acknowledged the IMF’s dissatisfaction with the budgetary framework and stated that they would need to defend the proposal to raise the petroleum development levy to Rs869 billion for the next fiscal year, compared to the revised estimate of Rs542 billion for the current financial year.

    However, the senators strongly opposed the Ministry of Finance’s intention to bypass parliamentary approval and empower the government to amend the Petroleum Levy Ordinance 1961 in order to raise the petroleum levy beyond Rs50 per litre. The government plans to increase the levy to Rs60 per litre in accordance with the consumption pattern in the country, as outlined in the Finance Bill 2023-24.

    Additionally, the Senate panel rejected the proposed imposition of a 0.6 per cent advance tax on cash withdrawals exceeding the limit of Rs50,000 and suggested raising the tax rate to 1% while reducing the limit to Rs25,000 for non-filers. The panel also recommended changes to the tax rates for Super Tax, proposing a reduction in the maximum rate from 10 per cent to 8 per cent for the highest income bracket.

    The Securities and Exchange Commission of Pakistan (SECP) expressed severe concerns about the increased risk of money laundering resulting from the raised monetary limit of foreign remittances from five million rupees to $100,000. SECP Commissioner Abdul Rehman Warraich informed the Senate committee that the Federal Board of Revenue (FBR) is unable to inquire about the source of investment or income under Section 111 of the Income Tax Ordinance 2001. 

    Similarly, the FBR cannot investigate tax evasion based on the source of remittance under the same section. It is worth noting that Section 111 taxes unexplained income except foreign remittances entering Pakistan.

  • Prime Minister House to be converted to university in 72 months

    Prime Minister House to be converted to university in 72 months

    The bill seeking the establishment of a university at the Prime Minister (PM) House finally reached the Senate on Tuesday, reports Dawn.

    According to the bill, which has already been passed by the National Assembly (NA), the project once started, will take 72 months to complete.

    Last year, officials from the Higher Education Commission (HEC) and the Capital Development Authority (CDA) on the direction of the PM Office, had visited Sir Syed Memorial Society building in G-5. The HEC and CDA had later shared a report with the PM office, stating the building was suitable for starting the university.

    The University of Engineering and Emerging Technology Bill 2022 was tabled in the Senate by Minister of State for Parliamentary Affairs Ali Mohammad Khan on behalf of Education Minister Shafqat Mahmood.

    Chairman Mohammad Sadiq Sanjrani referred the bill to the Senate Standing Committee on Education for consideration.

    In October last year, the NA standing committee had approved the bill and last month the National Assembly passed it along the mini-budget and some other bills.

    The Pakistan Tehreek-e-Insaf (PTI) government has already entered its fourth year in office, implying Prime Minister (PM) Imran Khan may not be able to see his dream project completed during his tenure.

  • ‘They need to hold their tongue’, Saad Rafique demands action over Azam Swati’s ‘threats’ against ECP

    ‘They need to hold their tongue’, Saad Rafique demands action over Azam Swati’s ‘threats’ against ECP

    Addressing a press conference in Lahore, the Pakistan Muslim League-Nawaz’s (PML-N) leader Saad Rafique, said while referring to Federal Minister for Railways Azam Khan Swati’s accusation on the Election Commission of Pakistan (ECP) of taking bribes and being on the payroll of ‘someone’ said: “They need to hold their tongue.”

    “If the government is making such threats, it is the responsibility of Pakistan’s civil society and political parties to fulfill their responsibility and their voice [against such verbal attacks],” he reiterated.

    PML-N leader further added that the relevant institutions, whose responsibility was to serve justice, should take notice of action over threats made against the ECP.

    A day earlier, Swati said that the ECP was responsible for destroying Pakistan’s democracy and for rigging all elections. Swati added that such institutions should be “set on fire”. This happened when the Senate Standing Committee on Parliamentary Affairs met today to vote on two key election bills.