The Senate Standing Committee on Finance, which met in Islamabad today with Senator Saleem Mandviwalla in the chair, was briefed on the inclusion of Budget recommendation of the Senate in the Federal Budget 2023-24.

The Committee was briefed that the budget wing of the Finance Division received 55 recommendations for Financial Budget 2023 from the Senate Committee, however, most of recommendations were related to Federal Board of Revenue.

The Finance Ministry briefed that recommendations related to Privatization of loss making enterprises, increased budget allocation for Health Sector, funds for rehabilitation of flood victims, availability of food items at subsidized rates, rise in TV Fee from 35 to 50 rupees and mechanism for subsidies on fertilizers, solar energy production and daily food items were fully adopted.

The Committee was also briefed that the Ministry partially adopted recommendations such as grant of  tax holidays to export industry, laptops schemes etc, explaining that government is providing all necessary support to IT Sector and export oriented industries.     

While vetting upon the recommendations adopted by the Revenue Division it was observed by the committee that many of the recommendations were agreed upon except those which were intervened by the IMF.

The Finance Bill proposed to extend income tax exemption expiring on 30th day of June 2023 to 30th day of June 2024 for residents of erstwhile FATA/PATA which was rejected by the Committee, however, the government decided to extend the exemption for one year with the aim of development of the area and ensure employment of local people.

Briefing on the matter of imported vintage cars still parked at dry port for clearance was also taken up, the Committee lamented that even after the exemption of customs duty, regulatory duty, additional customs duty, Federal Excise Duty, Sales Tax and Withholding Tax by the Federal Government on 3rd July 2018, the cars have not been released and urged to expedite the matter. It was also recommended that handsome compensation should also be given.