Senate recommends 40 amendments in Finance Bill 2020
ISLAMABAD: The Senate on Wednesday adopted recommendations on the Finance Bill, 2020, containing the Annual Budget Statement, as reported by the Standing Committee on Finance, Revenue and Economic Affairs.
Chairman Standing Committee on Finance, Revenue and Economic Affairs Farooq H Naek presented the report of the Standing Committee on the proposals for making recommendations on the Finance Bill, 2020.
Farooq H Naek informed the senate that the committee had proposed 40 amendments and 53 general consensus recommendations in the Finance Bill 2020.
He laid the report of the committee on the proposal for making recommendations on the Finance Bill, 2020, containing the Annual Budget Statement.
The house unanimously adopted the amendments and recommendations proposed by the committee.
In the general consensus recommendation, the senate recommended to the National Assembly that the salary of government employees should be enhanced at least 10 per cent.
The senate recommended that tobacco must be treated as a crop like wheat, maize, sugarcane etc and must be exempted from taxes/duties. Federal Excise Duty (FED) on cigarettes should be enhanced as per guide lines given by the World Health Organization to bring the rates of FED on par with other countries in the region.
The senate also recommended to the National Assembly to impose taxes on processed/ manufactured tobacco products only.
FFD on Cigarettes products of Tier-1 must be increased by Rs 30 per pact, whereas, on the Tier-II, the increase should be Rs 10 per pack.
The senate recommended that strict anti-smuggling measures must be adopted to prevent international brand cigarettes smuggling into/outside Pakistan.
The senate recommended to the National Assembly that customs duties of raw materials finished goods/plant and machinery whose domestic alternative was available in the country shall be reduced to 0%.
The senate also recommended that the federal government should be double the budget for education and health sectors.
The senate also recommended that the government should abolish all kinds of withholding tax chargeable on cash transactions from banks.
It was also recommended that all imported debt agreements must be placed before the parliament for scrutiny immediately. - APP