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NA APPROVES FINANCE BILL 2023 TO HELP CLINCH IMF DEAL Monday, 26 June, 2023 I 7 Zil Hajj, 1444
NEW TAXES OF RS215B IMPOSED ON ALREADY OVERBURDENED CONSUMERS
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ISLAMABAD
STAFF REPORT
HE National Assembly on Sunday approved the federal budget for the next fiscal year of 2023-24 as Pakistan tries to secure the crucial International Monetary Fund (IMF) in a final bid to clinch a much-delayed rescue package. Under the Finance Bill 20232024, which was approved with a majority vote, the tax collection target has increased from Rs9,200 billion to Rs9,415 billion and pension payment increased from Rs761 billion to Rs801 billion. Moreover, under National Finance Commission (NFC), instead of Rs5,276 billion, Rs5,390 billion will be received. Rs215 billion new taxes are also imposed under the Finance Bill’s further amendment and the Benazir Income Support Programme (BISP) budget has been increased from Rs450 billion to Rs466 billion. The federal development budget is allocated at Rs950 billion.
A total of nine amendments were introduced in the Finance Bill 2023-24 – eight of the government while one of the opposition – and all were approved. The clause-wise approval of the bill had begun in the NA earlier on Sunday. Finance Minister Ishaq Dar also presented an amendment to the Petroleum Development Levy Ordinance which was approved by the House with a majority vote. In the amendment, the petroleum development levy limit was increased from Rs50 per liter to Rs60 per liter. Opposition member Maulana Abdul Akbar Chitrali’s amendment, authorising the chairman standing committee to use a 1200 cc vehicle, was also accepted. The government did not oppose the opposition member’s amendment. Earlier, 1300 cc to 1600 cc vehicles were allowed. Except for Chitrali, the sole member of Jamaat-e-Islami (JI) in the NA, all the government and opposition members opposed taking the opinion of the Islamic Ideological Council (IIC) on the Finance Bill due to the inclusion of interest.
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TAX COLLECTION TARGET INCREASED FROM RS9,200 BILLION TO RS9,415B
two pensions, saying that officers of grade 17 or above with two or more pensions will be entitled to one pension only. He added that the officers with a higher pension will be able to choose one of the
pensions of their choice and on the death of a retired government officer, the widow will be able to obtain funds.
ISLAMABAD: Prime Minister Shehbaz Sharif met International Monetary Fund (IMF) Managing Director Kristalina Georgieva for the third time in Paris, reaffirming Pakistan’s commitment to fulfilling the loan programme. According to a report published by The News, the encounter between the two dignitaries took place before the premier left for London and encompassed their discussion on the new financing pact on the sidelines of the world leaders’ summit. During the meeting, PM Shehbaz thanked the IMF chief for acknowledging
Pakistan’s economic situation. “Pakistan is determined to fulfill all its commitments,” the prime minister said, adding that Pakistan valued the assistance of the world towards helping it out of the severe economic challenges. The floods in Pakistan further increased the economic difficulties but despite that, the government gave relief to its people, he noted. PM Shehbaz stated it was the right of the people of Pakistan to receive relief as economic challenges caused a lot of unbearable pain to people. STAFF REPORT
PM Shehbaz meets IMF chief for third time to foster deal expectations
The JI member has demanded to send the bill to the IIC for an Islamic-scale review. Speaking on the floor of the House, the finance minister said that the country has a massive burden of pensions, adding that the cost has reached Rs800 billion. He maintained that pension-related reforms are being attempted and that pension cash accounting will become unsustainable in the future. Dar also clarified the issue of
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Parliament adopts bill restricting lawmaker disqualification to five years ISLAMABAD
STAFF REPORT
In a long-awaited development, the National Assembly passed a bill on Sunday that seeks amendments to the Elections Act, 2017, aimed at granting increased powers to the Election Commission of Pakistan (ECP). The bill, moved by Finance Minister Ishaq Dar, aims to empower the regulator to unilaterally announce poll dates, along with the authority to make modifications to the election programme as necessary. Speaker National Assembly Raja Pervaiz Ashraf presented the bill for voting, and it was passed with a majority. The proposed amendments in Section 57(1) stipulate the commission shall announce the date or dates of the general elections through an official gazette notification and call upon the constituencies to elect their representatives. This move aims to streamline the electoral process
and provide the ECP with greater autonomy, the government said. The amendments also include a proposed change to Section 58(1) which empowers the ECP to make alterations to the election programme after the initial notification has been issued. The commission may modify the elections programme for different stages of the election or issue a fresh programme with new poll dates, if deemed necessary as per the Act. Additionally, the bill approved by the National Assembly includes an amendment to Section 232 (Qualifications and Disqualifications) of the Election Act. According to this amendment, lawmakers will face disqualification for a period of five years in cases where the Constitution does not specify the duration of the punishment. The disqualification will be imposed based on orders from the Supreme Court or high courts. The proposed amendment to the law is expected to
provide benefits to Nawaz Sharif, the supreme leader of the Pakistan Muslim League-Nawaz (PML-N), and Jahangir Tareen, a former minister. Both individuals were disqualified by the Supreme Court in 2017 on grounds of being deemed “dishonest” under Article 62(1)(f) of the Constitution, which sets the precondition for an MP to be sadiq and ameen (honest and righteous). PROPOSED PRIVILEGES TO EX-SENATORS OPPOSED: Meanwhile, Minister for Defence Khawaja Asif appealed to the House not to support the recently passed bill entitling the Senate chairman, the deputy, members and chairmen of the committees of the upper house of parliament a number of privileges as well as allowances, citing the nation’s inability to afford such incentives in the current economic situation. Speaking in the National Assembly after the passage of the budget for the fiscal year 2023-24, the minister expressed his respect for senators and the Senate, as he
himself began his political career in the Senate. However, he emphasized that the people and business community were facing immense difficulties due to the ongoing financial crisis. Pointing out that the salary of an MP stood at Rs168,000 per month, which was lower than that of a federal secretary, the minister argued that providing additional privileges under the prevailing financial circumstances was not feasible. He commended Finance Minister Ishaq Dar and his entire finance team for presenting a balanced budget despite the critical situation, expressing hope for the beginning of a new era of economic stability. Furthermore, the minister clarified the government was not bearing the expenses or providing any special facilities for National Assembly members to perform Hajj. He added that even ordinary people were part of the special flight arranged to transport pilgrims to Saudi Arabia.