In partnership with
Profit
NO RELIEF FOR TAXPAYERS AS FEDERAL BUDGET PASSED AFTER SOME AMENDS Saturday, 29 June, 2024 I |22 Zil-Hajj, 1445
O
g
Rs 20.00 | Vol XIV No 358 I 8 Pages I Islamabad Edition
BILL’S PASSAGE COMES AMIDST SEVERE CRITICISM BY OPPOSITION AND MARKET STAKEHOLDERS PROFIT
SHAHNAWAZ ALI
N Friday afternoon, the parliament approved the government’s Finance Bill 2024-25 for the upcoming fiscal year. This budget, as claimed by experts, is a critical step in the country’s negotiations with the International Monetary Fund (IMF) for a potential bailout to avert a debt default. The bill was introduced by Finance Minister Muhammad Aurangzeb, and aimed to boost tax revenues significantly to address economic challenges.
However, certain changes were inevitable due to large-scale criticism of its extractive taxation policies. The bill’s passage came after intense debate and criticism from opposition parties and business entities over increased government expenditures and a limited fiscal space for economic growth. To pass the bill, the ruling alliance, led by Prime Minister Shehbaz Sharif, secured support from its main coalition partner, the Pakistan Peoples Party (PPP), despite initial disagreements. Economic Indicators and Fiscal Goals Addressing the National Assembly, Finance Minister Aurangzeb high-
PM lauds Finance Minister, team for preparing ‘pro-people’ budget
ISLAMABAD STAFF REPORT
Prime Minister Muhammad Shehbaz Sharif hailed the passing of the budget 2024-25 in the National Assembly and highly appreciated Finance Minister Muhammad Aurangzeb and his team for
preparing a pro-people budget that prioritizes welfare of common man and promises to steer the country towards economic prosperity. Talking to the finance minister in the National Assembly on Friday, the prime minister expressed his satisfaction over the active participation of all the treasury and opposition members in the budget session. PM Shehbaz Sharif also appreciated the efforts of the officers from ministries of finance, planning, other relevant ministries and Federal Board of Revenue (FBR) in preparation of the budget. The government tried its best to utilize all possible resources to provide maximum relief to the common man in the budget, he added. The prime minister said the government provided relief to the salaried class, pensioners and workers.
Faraz insists no rift in party as PTI-SIC rejects Ayub’s resignation ISLAMABAD
STAFF REPORT
The parliamentary party of the Pakistan Tehreek-e-Insaf (PTI) and SIC on Friday rejected the resignation forwarded by party’s secretary general Omar Ayub Khan while leader of the opposition in Senate Shibli Faraz dispelled the impression there was any rift in the party. The decision was taken during the parliamentary party meeting of PTI and SIC, which held at the Parliament House. The meeting was attended by Omar Ayub Khan, Barrister Gohar, Asad Qaiser, Ali Muhammad Khan and other party leaders. The parliamentary body through a resolution rejected NA opposition leader’s resignation as PTI secretary general. The resolution also paid rich tribute to the NA opposition leader for running the party’s affairs during testing times. The huddle also decided to send a message to the PTI founder about the decision of the parliamentary party. The PTI leader on Thursday night, resigned from the party’s post. According to details, Omar Ayub, who is also leader of the opposition in the National Assembly, stepped down from the party’s position. He also wrote a letter to the party’s founder, Imran Khan, announcing his resignation as PTI Secretary-General He announced his resignation through a post on X, making it public. “I am grateful to the founder PTI for accepting the resignation as Secretary General,” he posted. Omar Ayub said that he tendered his resignation on June 22 to the party Chairman Barrister Gohar Ali Khan that Shibli Faraz conveyed his message to the PTI founder in jail. No rift within PTI, insists Shibli Faraz Meanwhile, day after PTI firebrand leader Sher Afzal Marwat demanded Shibli Faraz’s resignation from party position as well as the leader of the opposition in Senate, the latter rejected reports about rift in the party, insisted that there were no factions within PTI, saying names of fugitives would be condemned in history. Reports suggest that PTI leaders, including Shahryar Afridi, Shandana Gulzar, Sher Afzal Marwat and even former party spokesperson Fawad Chaudhry, have publicly aired grievances against the party leadership, criticising their failure to secure the release of party founder Imran Khan.
CONTINUED ON PAGE 03
lighted positive economic indicators, including a decreased current account deficit, controlled fiscal deficit, and a stabilized currency. He noted a significant drop in the inflation rate from 38% to 11% and emphasized the need to increase the tax-to-GDP ratio from 9.5% to 13% over the next three years. Aurangzeb also discussed measures to compel tax compliance, including increased tax rates for non-filers. “If it was up to me, I would have immediately ended the category of non-filers,” he said, stressing the importance of tax reforms. Budget Amendments and Key Measures The approved budget includes sev-
eral amendments from the original proposal presented on June 12, 2024. Key changes announced by the Finance Minister include: Tax on Hybrid Vehicles: The reduced tax rates for hybrid vehicles will continue until June 30, 2026. Vehicles with engine capacities up to 1800cc and between 1801-2500cc will be taxed at 8.5% and 12.75%, respectively. Increased FED on Cement: Contrary to expectations of a reversion, the Federal Excise Duty (FED) on cement has been increased from Rs3 per kg to Rs4 per kg.
PTI labels budget as work of ‘hitman,’ ‘economic terrorism’
CONTINUED ON PAGE 03
ISLAMABAD
STAFF REPORT
Condemning the new budget on Friday, the Pakistan Tehreek-e-Insaf termed the new fiscal year’s budget “economic terrorism” against the masses. Speaking on the floor of the Nation Assembly, Leader of the Opposition Omar Ayub Khan on Friday labelled the budget as “economic terrorism,” saying it would hit the already burdened masses hard. Ayub claimed that Prime Minister Shehbaz Sharif had admitted to forming the budget in collaboration with the IMF. “I had called this budget the work of a hitman as this is economic terrorism against the people of Pakistan,” the PTI leader asserted.
Continuing the criticism, Ayub stated “First, they imported wheat, and now they are preparing to sell the same wheat abroad. They have no understanding of economic fundamentals. Prices of oil, flour, and the dollar will rise.
CONTINUED ON PAGE 03
NA approves pay hike for members amid opposition protest ISLAMABAD
STAFF REPORT
The National Assembly has approved an amendment proposed by the Pakistan Peoples Party (PPP) regarding the salaries and benefits of its members, passing it by a majority vote. PPP’s Abdul Qadir Patel introduced the amendment in the House, aiming to increase the privileges of Members of Parliament. This amendment to the Salaries and Allowances Act was incorporated into the Finance Bill. Despite opposition resistance, the amendment passed, resulting in a significant hike in the traveling allowance for Assembly Members from Rs.10 per kilometer to Rs.25. Additionally, annual traveling vouchers have been increased from 25 to 30. The authority over the salaries and allowances of parliament members has been shifted from the federal government to the finance committee of each respective house, marking a notable change in governance.
NAB moves SC against IHC verdict on PTI founder’s bail in £190m case
SC accepts Vawda, Kamal’s unconditional apologies ‘BE MORE CAUTIOUS IN FUTURE’
ISLAMABAD
ISLAMABAD
STAFF REPORT
The Supreme Court (SC) on Friday accepted Senator Faisal Vawda and MQM-P’s Mustafa Kamal’s unconditional apologies in contempt of court case, “cautioned them against any further transgression.” The Supreme Court (SC) had issued contempt of court notices to independent Senator Faisal Vawda and MQM-Pakistan MNA Mustafa Kamal over their anti-judiciary rhetoric. Senator Faisal Vawda on June 26 tendered an unconditional apology to the Supreme Court of Pakistan in contempt of court case. On Friday at the outset of the hearing, Barrister Naseem informed the court that Kamal had expressed regret on his press conference. CJP Isa then asked Vawda if he had tendered an apology, to which he replied in the affirmative. Here, Justice Isa asked Siddiqui about his client’s whereabouts, to which he replied that he was appearing on behalf of 26 TV channels. “None of your clients have submitted a response yet,” Justice Isa remarked. “Not even a single media [channel] has submitted a written response,” the top judge said. To this, Advocate Siddiqui responded that a show-cause notice had not been issued to any media organisation. “Do you want [us] to issue a show-cause notice to them?” Justice Isa asked. Here, Justice Abbasi remarked that a response signed by a responsible officer of the media organisa-
STAFF REPORT
tions should have been submitted. The CJP observed that the channels had not implemented the court orders, at which Siddiqui stated that their representatives were present in the court. CJP reiterated that no written response had been filed while the counsel maintained that he had submitted the same, at which the former then highlighted that the reply did not have the signatures of any media official. “The reply is signed by the lawyers and not by the channels. It is compulsory in contempt of court cases for the channels’ signature to be there,” Justice Isa remarked. However, Siddiqui argued saying that if a show-cause notice had been issued, then the reply would have been submitted with the channels’ signatures. “Do you not like the Constitution?” Justice Isa quipped, adding that he presumed the advocate would begin his arguments by speaking about the Constitution.
“If someone labels a person a thief, and the media says it has only reported on it, is that correct?” Justice Isa questioned. “Should such free media be allowed or not?” he wondered. “Freedom of press and freedom of expression are two different things,” the chief justice remarked. When Vawda and Kamal came to the rostrum, CJP Isa told them: “You represent the public. We hope you will also respect us. It will be the public’s loss by degrading each other.” He stressed that the status of lawmakers was much higher than common citizens and told them they had to be cautious. “We will not take the matter further but will tell you to be careful in the future,” Justice Isa said. To this, Vawda replied he respected the judiciary and said he wanted to inform the court of the “pain” he was going through as he was “being called a ‘proxy’ which was also reported in Indian media”.
The National Accountability Bureau (NAB) on Friday moved Supreme Court, challenging Pakistan Tehreek-eInsaf (PTI) founder Imran Khan’s bail in the £190 million National Crime Agency (NCA) settlement case. Through its Chairman, the anti-watchdog filed an appeal in the Supreme Court against the Islamabad High Court’s verdict on setting aside the conviction of the PTI founder. In the petition, the NAB chief claimed that the high court ‘neglected’ the facts while granting bail to the former prime minister in the £190 million National Crime Agency (NCA) settlement case. The SC has been pleaded to overturn the verdict of the IHC. In May, the Islamabad High Court (IHC) granted bail to Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan in the £190 million National Crime Agency (NCA) settlement reference. A two-member bench, comprising IHC CJ Aamer Farooq and Justice Tariq Mehmood Jahangiri, reserved the verdict a day ago after the completion of arguments. In its short order today, the IHC ordered the authorities to release the PTI founder against the surety bond of Rs1 million. NCA case The National Accountability Bureau (NAB) had launched an investigation against Imran Khan and his wife and others for the alleged gain of hundreds of canals of land in the name of Al Qadir University Trust, which reportedly caused a loss of 190 million pounds to the national exchequer. As per the charges, the former prime minister and others accused allegedly adjusted Rs50 billion — 190 million pounds at the time — sent by Britain’s National Crime Agency (NCA) to the government. In December 2023, the National Accountability Bureau (NAB) had filed a corruption reference against Imran and seven others, including his wife, in connection with the Al-Qadir University. The PTI chief registered Trust for Al-Qadir University Project on Dec 26, 2019.
NA passes resolution against US call for probe into Feb 8 polls ISLAMABAD
STAFF REPORT
The National Assembly on Thursday overwhelmingly approved a resolution condemning a recent resolution by the United States House of Representatives while called to probe the February 8 elections. The resolution, introduced by Pakistan Muslim League-Nawaz (PML-N) member Shaista Pervaiz Malik, criticised the US resolution passed on June 25. Malik stated that the American resolution displayed a complete ignorance of Pakistan’s electoral process. The House takes notice of the resolution passed by the US House of Representatives concerning Pakistan,” Malik declared during the session. Malik argued that such interference in Pakistan’s internal affairs was inappropriate
and unbecoming of global powers. “This kind of meddling in our country’s internal matters is unacceptable,” she said. “It is not appropriate for any global power to interfere in the internal affairs of another country.” Amid opposition uproar, Malik responded by highlighting the global violations of human rights. “Just as we condemn human rights violations around the world, we should denounce this interference,” she asserted. “It is shameful that Pakistan’s sovereignty is under attack and some among us are encouraging this assault. It is regrettable that foreign powers are meddling in our internal matters, and we must deter them,” Malik added. Malik urged everyone to condemn these actions. “We should all denounce these steps, but some are supporting foreign interference, which questions our nation’s sovereignty.”
Shagufta Jumani remarked, “Those supporting this have no right to call themselves Pakistanis. This is our country, and they should stop interfering.” Meanwhile, opposition members chanted, “Cipher, cipher, shame, shame.” Deputy Prime Minister Ishaq Dar on Thursday announced that the government would introduce a resolution in the National Assembly in response to the one passed by the US House of Representatives a day earlier expressing “robust support” for democracy in Pakistan. Responding to the Sunni Ittehad Council MNAs who pointed out the US legislation during the budget session, the deputy premier stressed the need to express the country’s sovereignty and unity. On Wednesday, the US House of Representatives passed a resolution with a stagger-
ing majority of 98%, calling for a “full and independent investigation of claims of interference or irregularities in Pakistan’s Febru-
ary 2024 election”. A total of 368 members voted in favour of the resolution against only seven opposing it.