ISLAMABAD:The Senate continued discussion on the budget for next fiscal year on Monday. Taking floor of the House, Senator Engineer Rukhsana Zuberi called for drafting a Charter of Economy to bring economic stability in the country. She stressed on implementing the proposed minimum wages in the country. Rukhsana Zuberi said the Information Technology sector has great potential for posting an increase in the export of the country. She stressed on minimizing the taxes on Information Technology sector.
The Senator said Solarization in the country should be encouraged to promote renewable energy. In his remarks, Senator Fida Muhammad called upon all political parties to take joint action to strengthen economy of the country. He said we should set aside our differences and work together for national interest. Senator Mohammad Abdul Qadir said we need to take tough decisions to bring sustainable growth in the country. He said the government should work on feasibilities for construction of dams in Balochistan.
At the outset, the House offered Fateha for the departed souls of Pakistani migrants died in the boat incident near the coast of Greece. Senator Mushtaq Ahmad led the prayer. The Senate also recommended maintaining tax on credit card transactions at previous rates instead of increasing it one percent to five percent for filers and two to ten percent for non-filers. The House recommended that tax on real estate and agriculture sector should be introduced gradually so that the taxpayer may not be overburdened by implementation of the new tax slabs.
The Senate recommended to the National Assembly that Tax holidays should be granted to export-oriented industries along with provision of gas to the industries and the establishment of tax free zones to attract Foreign Direct Investment. It recommended that availability of all items on subsidized rates at Utility Stores should be ensured. The House recommended that budget allocations for the health sector should be increased to produce more doctors and paramedical staff.
It recommended that the custom duty should be abolished/ removed on the import of the sports items which are not manufactured in Pakistan. The Senate recommended to abolish Super Tax imposed since tax year 2015. It recommended that for development of Information Technology sector, Foreign Exchange Retention in Pakistani bank accounts should be allowed. It also recommended exempting the SMEs of IT sector from withholding tax akin to SMEs of manufacturing. It asked that the rate of 0.125 percent of export revenue be fixed for at least seven years.
The House recommended allocating four billion rupees for the Pakistan Software Export Board in the federal budget. For development of the energy sector, it recommended that homes and businesses using solar panels, heaters and water pumps should get tax rebate up to 10,000 rupees from 2024 until 2030 in the income tax. The House recommended that Gwadar should be declared a tax free zone. It recommended that for the provision of Regional Competitive Energy Tariffs for export industry, an amount of 104 billion rupees should be allocated in the budget. The Senate recommended that adequate funds should be allocated for the rehabilitation of flood victims. The House has now been prorogued.
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