Senate makes 55 recommendations to NA for inclusion in Finance Bill 2023-24

Islamabad: The Senate continued discussion on the budget for next fiscal year on Monday.

Taking floor of the House, Senator Engineer Rukhsana Zuberi called for drafting a Charter of Economy to bring economic stability in the country. She stressed on implementing the proposed minimum wages in the country.

Rukhsana Zuberi said the Information Technology sector has great potential for posting an increase in the export of the country.

The Senator said solarization in the country should be encouraged to promote renewable energy. In his remarks, Senator Fida Muhammad called upon all political parties to take joint action to strengthen economy of the country. Senator Mohammad Abdul Qadir said we need to take tough decisions to bring sustainable growth in the country. The Senate has made fifty-five recommendations to the National Assembly for inclusion in the Finance Bill 2023-24.

These proposals were prepared by the Senate's Standing Committee on Finance, which were adopted by the House on Monday. The suggestions encompassed steps to improve the financial position of Radio Pakistan. The upper house recommended to the National Assembly that the TV fee being collected from every household through electricity bills be raised from thirty five rupees to fifty rupees per month.

It proposed that this increase of fifteen rupees in electricity bills should be given to Radio Pakistan to help the organization meet its financial needs. Additionally, the House recommended that a Radio License Fee at time of registration of every new vehicle in Islamabad Capital Territory be levied. It also recommended the imposition of a fixed amount of five hundred rupees on renewal of token of the vehicles.

The Senate also recommended maintaining tax on credit card transactions at previous rates instead of increasing it one percent to five percent for filers and two to ten percent for non-filers. The House recommended that tax on real estate and agriculture sector should be introduced gradually so that the taxpayer may not be overburdened by implementation of the new tax slabs.

It recommended that availability of all items on subsidized rates at Utility Stores should be ensured. The House recommended that budget allocations for the health sector should be increased to produce more doctors and paramedical staff. It recommended that custom duty should be abolished removed on the import of the sports items which are not manufactured in Pakistan.

The Senate recommended to abolish Super Tax imposed since tax year 2015.

It recommended that for development of Information Technology sector, Foreign Exchange Retention in Pakistani bank accounts should be allowed. The House recommended allocating four billion rupees for the Pakistan Software Export Board in the federal budget. For development of the energy sector, it recommended that homes and businesses using solar panels, heaters and water pumps should get tax rebate upto 10,000 rupees from 2024 until 2030 in the income tax.

The House recommended that Gwadar should be declared a tax free zone. The House has now been prorogued.