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Opposition compares Supplementary Finance Bill to Pakistan’s ‘give up’ to IMF


PPP leader Raja Pervez Ashraf and PML-N leader Khawaja Asif addressing a session of the National Assembly convened by the government to introduce the Supplementary Finance Bill, in Islamabad on December 30, 2021.  - Twitter/NAof Pakistan
PPP chief Raja Pervez Ashraf and PML-N chief Khawaja Asif addressing a session of the National Assembly convened by the federal government to introduce the Supplementary Finance Bill, in Islamabad on December 30, 2021. – Twitter/NAof Pakistan

Finance Minister Shaukat Tarin on Thursday launched the federal government’s supplementary finance invoice to the National Assembly for remaining approval after it was authorized by the federal cupboard, with the opposition calling it “Pakistan’s surrender to the International Monetary Fund”. relaxed me.

The Supplementary Finance Bill was included as a part of the agenda as merchandise No. 4 within the session, chaired by National Assembly Speaker Asad Qaiser.

The opposition raised anti-government slogans all through the session in opposition to the invoice, making Tarin’s voice little heard when he stood as much as introduce it.

The Speaker introduced that this legislative proposal can be mentioned intimately within the House and the Bill wouldn’t be referred to the Standing Committee on Finance.

The House additionally took up a supplementary agenda underneath which Tarin launched the State Bank of Pakistan (Amendment) Bill, 2021. The Bill was referred to the involved committee for its consideration.

In addition to the above payments, Tarin moved a movement to “expand the Tax Laws (Third Amendment) Ordinance, 2021. […] Subject to the provision of sub-paragraph (i) of paragraph (a) of clause (2) of article 89 of the Constitution of the Islamic Republic of Pakistan, for a further period of one hundred and twenty days with effect from 12-01-2022.

In addition, he introduced another proposal to extend the “Federal Government Properties Management Authority Ordinance, 2021” […] Subject to the provision of sub-paragraph (ii) of paragraph (a) of clause (2) of article 89 of the Constitution of the Islamic Republic of Pakistan, for a further period of one hundred and twenty days with effect from 15-12-2021.

In all, eight resolutions were moved to expand the various ordinances.

PPP’s Naveed Qamar opposed the government’s move to extend the ordinances saying “they’ve expired, so how can they be prolonged?”

Babar Awan, Adviser to the Prime Minister on Parliamentary Affairs, replied that the government had introduced an ordinance in Parliament before his expiration.

At one point in the session, Shazia Mari of the PPP had objected to the number of MPs in Parliament. To this the speaker directed all the MNAs to stand on their seats for the headcount.

‘Pakistan’s economic sovereignty is being sold’

Addressing the session, PML-N leader Khawaja Asif said, “Today the economic sovereignty of Pakistan is being sold by strangling the people.

“The complete nation is ashamed of what’s taking place within the House as we speak,” he said.

He said that his voice should not be silenced and he should be allowed to speak.

“You are enslaved us financially,” Asif said, adding that the government “is handing over management of the SBP (State Bank of Pakistan) to the IMF (International Monetary Fund).”

He requested the government not to surrender the sovereignty of Pakistan.

Slamming the government, Asif said, “You used to lift slogans that rivers of milk and honey will stream.”

“All the constituencies of KP (Khyber Pakhtunkhwa) are witness to your injustice (within the province),” he said.

The PML-N veteran lamented the government’s “enhance in costs of on a regular basis commodities”.

Asif said, ‘Today we have handed over Pakistan to the IMF.

“The guarantees you made are echoing even as we speak at D-Chowk,” he said.

‘Government oblivious’

Raja Pervez Ashraf of the PPP also condemned the introduction of the bill by the government during the session.

“This legislation shouldn’t be for PTI, or PML-N or PPP. It is for the folks,” he said.

“It is regrettable that the voice of the opposition shouldn’t be being heard,” he said.

Ashraf said that whenever inflation rises, the opposition is held responsible.

The PPP leader said, “The nation of twenty-two crores is ready for you (to alter their lives). But the federal government doesn’t know.”

Addressing the speaker, he remarked: “When the ordinances expire, they depend on you.”

He further said that the government “forces the opposition to convey a no-confidence movement in opposition to the speaker”.

Referring to the last three and a half years, Ashraf said that along with petrol, electricity and gas, the prices of food items have increased manifold. “Can’t we talk about this?”

He called upon the Speaker to play an impartial role which demands his position.

The PPP leader said the government’s policies had “damaged folks’s backs”.

“Whether it’s wealthy or poor, all of them curse the federal government,” he said.

“I request you to withdraw as we speak’s proceedings,” Ashraf said.

He asked the speaker to listen to the opposition and the government and then decide whether this “brutality” imposed on the people is justified or not.

supplementary finance bill

According to the proposal of the Finance Ministry, the government will levy tax at the rate of 17 percent on about 150 goods. Therefore, goods which were currently either fully exempt from General Sales Tax (GST) or which were being taxed at the rate of 5% to 12%, will now attract 17% tax.

Income tax rate on mobile phone calls will be increased from 10% to 15%.

It was also proposed that imported meat and poultry items should be exempted from taxes.

Meanwhile, GST on cars above 1,000cc will increase to 17% and tax on import of electric vehicles will increase from 5% to 17% in CBU terms.

The zero rating available on raw material supply for imported milk will be withdrawn and 17% tax will be levied.

Duty free shops will attract 17% tax. Since they will be taxed for the first time, there is no revenue projection.

The Finance Bill also proposes that bread prepared in bakeries, restaurants, food chains and shops be taxed at the rate of 17%.

Sales tax on prepared foods and sweets supplied by restaurants, bakeries and sweet shops will increase to 17%.

Goods received as a gift from a foreign government or organization will attract 17% tax.

It is proposed to levy 17% GST on cottonseed. Meanwhile, the bill proposes to increase the tax on machinery from 7% to 17% for the poultry sector.

GST on silver and gold will increase from 1% to 17%, while computers and laptops will also be taxed.

17% GST will be levied on raw material of medicines.

According to the bill, the elimination of tax exemption on imported food items will result in an additional burden of Rs 215 billion.

The “mini-budget” was one of the IMF’s conditions to be met before January 12, 2022, to recover more than $1 billion in tranches from the fund.

cabinet approval

Before the start of the session, Information Minister Fawad Chaudhry confirmed that the Finance Bill has got Cabinet nod and will now be introduced in the National Assembly.

‘Government not in trouble’

Ahead of the presentation of the bill, which the opposition called a “mini-budget”, the prime minister assured reporters in parliament that the government was “not underneath severe stress” despite the opposition’s efforts to portray it as such.

Speaking to reporters in Parliament before the short budget presentation, the Prime Minister remarked, “Every three months it’s mentioned that the federal government is in a troublesome place”, denying that this was the case.

He referred to former Prime Minister Nawaz Sharif, saying that the opposition claims that the PML-N supremo is “coming as we speak (Pakistan)” or “coming tomorrow”.

The prime minister reminded reporters that while Nawaz was still in exile in Saudi Arabia, there were regular discussions about his return, but he “didn’t return with out an settlement”.

PM Imran Khan once said of Nawaz’s younger brother, Leader of the Opposition in the National Assembly Shahbaz Sharif, saying: “Shehbaz Sharif’s speech is sort of a job software.”

Meanwhile, Home Minister Sheikh Rasheed Ahmed, also speaking to reporters in Parliament, remarked that people would be “burdened by solely Rs 2 billion”.

“Shaukat Tarin has mentioned that 17% tax won’t be levied on folks, however solely on sure gadgets,” the minister said.

He said the allies “at all times stand by the federal government”.


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