Ijaz Kakakhel Islamabad
Minster of State for Finance and Revenue Aisha Ghaus Pasha on Monday said that the budget 2023 is according to the IMF structure and she believed that we must draft a charter of economy which is need of the day keeping the country’s financial state.
The minister expressed these views while briefing the Senate Standing Committee on Finance and Revenue, which began discussion over the budget 2023-24. The Committee discussed that the new budget starts with a “sorry” picture. Senator Mohsin Aziz said that the new budget doesn’t bring any revival of the industries or the exporters and lack fundamental reforms, directing towards bolstering of the country’s economy.
He said that the new budget seems to start with debits and forecasted a loan of 7 trillion at the beginning of the new budget.
The Minster of State for Finance and Revenue Aisha Ghaus Pasha said that the new budget should not be out-rightly discredited and maintained that country was saved from being default even after the disastrous floods and Global Climate crises.
She said that the new budget brings handsome agricultural packages, which is the backbone of the economy resulting in increase and accelerated growth. She also said that the Money Bill, 2023 brings no increase of duties on import of essential items and promotes energy efficiency and conservation. It also promotes the Information Technology.
The Minister for Finance and Revenue addressed the committee that we foresee 3pc economy growth and a reduction of average inflation from 29 pc to 21 pc. She also said that new regimes of direct taxes will prove progressive. She said that the previous budget collected 39 pc of domestic taxes which makes the domestic income tax to almost 50 pc.
Deliberations on The Money Bill 2023, was commenced by the Senate Finance and Revenue Committee under the chairmanship of Senator Saleem Mandviwalla today at the Parliament House. The committee commenced its first session by kicking off with the Customs Act. The committee examined the bill, clause by clause and accepted amendments in the Customs Act however the clause related to declaration and assessment for home consumption or warehousing was deferred on the point of number of days for the trader to file goods declaration. The committee recommended to review the number of days as per “Land Border Policy”.
It was also apprised that Under the Customs Act the period for which goods may remain warehoused has been enhanced from one month to three months.
It was also apprised that the smuggled goods will be confiscated and the offender will be penalized exceeding 10 times the value of the goods and if the value exceeded three hundred thousand rupees he will be further liable to conviction by a special judge to imprisonment not exceeding six years and to a fine exceeding 10 times but not less than the value of the goods. Amendment has also been made in the vesting of the confiscated property in the Federal Government and that the board may authorize the use of confiscated vehicles conveyance and other equipments for anti-smuggling operations. The Minister of State for Finance and Revenue remarked that the proposals in the Customs Act has trade friendly schemes facilitating the trader.
The committee also concluded recommendations on the Sales Tax provisions of Finance Bill, 2023-24.
