Eight amendments of government while one of opposition approved in bill
\nISLAMABAD
\nThe National Assembly on Sunday approved the Federal Budget 2023\/24 by a majority vote after making amendments to it in a last-ditch effort to secure the IMF deal. The clause-wise approval was sought of the Financial Bill in the assembly.
\nIn the budget, the tax collection target was increased from Rs9,200 to Rs9,415 billion, while the pension payment was increased from Rs761 billion to Rs801 billion. Rs215 billion new taxes were imposed under the Finance Bill through further amendment.
\nUnder the National Finance Commission, instead of Rs5,276 billion, Rs5,390 billion will be received. The BISP program was increased to Rs466 billion instead of Rs459 billion and the federal development budget will be Rs950 billion.
\nFinance Minister Ishaq Dar presented an amendment to the Petroleum Development Levy Ordinance which was approved by the National Assembly by a majority vote. In the amendment, the petroleum development levy limit was increased from Rs50 per liter to Rs60 per liter.
\nNow, the federal government will have the power to impose PDL up to Rs60 per litre. Finance Minister Ishaq Dar\u2019s Clause 3 in the Finance Bill was approved after an amendment. According to the amendment, a 3-member committee will be formed to resolve disputes including 62,000 pending cases of Rs3,200 billion.
\nThe FBR will not be able to file an appeal against the decision of the committee, but the aggrieved party will have the right to approach the court. Ishaq Dar while speaking on the floor of the National Assembly said that the issue of pension was the biggest challenge for the government.
\n\u201cChanges in pension laws are necessary. One person is entitled to one pension [only],\u201d he stated. \u201cIt was a huge burden on the poor country. In the recent budget, the pension bill went up to Rs800 billion,\u201d he added.
\nDuring the National Assembly session, Federal Minister Ghous Bux Mahar said: \u201cPakistan is the only country where subsidy to the agriculture sector is being withdrawn.\u201d He added: \u201cThe agriculture sector, which is the backbone of the economy, should be protected. It is necessary to give subsidy to this sector.\u201d
\nPPP leader Khurshid Shah backed the demand of Ghous Bux Mahar. Finance Minister Ishaq Dar said that after the budget meeting on the issue of agriculture, the issues would be resolved with mutual consultation.
\nOpposition member Maulana Abdul Akbar Chitrali also presented an amendment which was accepted and the government did not oppose his amendment. Under the amendment, the Chairman Standing Committee will be authorized to use a 1200cc vehicle. Earlier, 1300cc to 1600cc vehicles were allowed.
\nExcept Maulana Abdul Akbar Chitrali, the sole member of Jamaat-i-Islami in the National Assembly, all the government and opposition members opposed taking the opinion of the Islamic Ideological Council on the Finance Bill due to the inclusion of interest in the financial plan.
\nMaulana Chitrali, on the other hand, demanded that the Finance Bill be sent to the Islamic Ideological Council to review it under the Islamic injunctions. NA opposes sending Finance Bill to IIC
\nThe National Assembly, by a majority vote, opposed the motion to send the Finance Bill 2023 to the Council of Islamic Ideology. Speaker National Assembly held a voting on sending the Finance Bill to Islamic Ideological Council for opinion.
\nThe anti-usury government coalition party JUI also opposed sending the finance bill to the Islamic Ideological Council, while the government coalition parties and the opposition parties also opposed sending the finance bill to the Islamic Ideological Council.
\nMaulana Abdul Akbar Chitrali, the only member of JI, voted in favor of sending the Finance Bill to the IIC. Moreover, an amendment to levy additional taxes on old technology fans and bulbs was also approved.
\nFans with old technology will be taxed at Rs2,000 from January 1, while old bulbs will be taxed at 20 percent from January 1. A total of nine amendments to the Finance Bill 2023\/24 were presented. Eight amendments were presented by the government and one amendment was suggested by the opposition.
\nEarlier on Saturday, the finance minister told the National Assembly that the government had implemented various reforms in the pensions scheme. \u201cOne decision is to eliminate multiple pensions, ensuring that a government official will receive only one pension for officials in Grades 17 and above in the first phase,\u201d he said.
\n\u201cBesides, when calculating the pension amount, the ad hoc pension allowance will be included as part of the net pension without compounding. The pensioner will opt for the highest amount of pension,\u201d he added.
\nHe said that high-profile people in Pakistan had currently been receiving multiple pensions. \u201cI know people receiving three pensions,\u201d Mr Dar said. Furthermore, the pension will be available for dependents for 10 years after the death of the pensioner and their spouse.
\n\u201cIf someone in Grade 17 and above is employed again, they will need to decide between receiving a salary or a pension,\u201d Mr Dar said. He said that the federal government would have to introduce a contributory pension fund to control pension expenditures, which he said had become unsustainable.
\n\u201cThe KP government has already introduced reforms in pensions, including contributory pensions for new employees,\u201d he added. He also said that the federal government had created a pension fund for the year 2023-24. \u201cThe rules and procedures for the fund will be finalised soon,\u201d he said and added that austerity measures would continue in the year 2023-24.<\/p>\n","protected":false},"excerpt":{"rendered":"
Eight amendments of government while one of opposition approved in bill ISLAMABAD The National Assembly on Sunday approved the Federal Budget 2023\/24 by a majority vote after making amendments to it in a last-ditch effort to secure the IMF deal. The clause-wise approval was sought of the Financial Bill in the assembly. In the budget, […]<\/p>\n","protected":false},"author":2,"featured_media":340013,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-339994","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n