Thursday, 30 June, 2022 I 30 Dhul-Qadah, 1443 I Rs 15.00 I Vol XII No 361 I 12 Pages I Lahore Edition
10pc ‘Super Tax’ okayed: Finance Bill 2022-23 SailS Through na
ISLAMABAD
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staff report
HE National Assembly on Wednesday passed the Finance Bill-2022 after clause by clause consideration and adopting certain amendments in it. Minister of State for Finance and Revenue Aisha Ghaus Pasha moved the motion for consideration of the Finance Bill, 2022 to give effect to the financial proposals of the federal government for the year beginning on July 1, 2022. The motion was passed with majority vote, which led to the passage of Finance Bill-2022 after clause by clause reading and adopting amendments after due process of voting. All amendments moved by the Minister of State for Finance and treasury lawmakers were adopted by the House while the amendments of opposition members including Javaria Zafar Aheer, Wajiha Qamar, Ramesh Kumar, Saira Bano (GDA), Maulana Abul Akbar Chitrali (MMA) and an Independent MNA Mohsin Dawar were rejected by the House after voting. According to the Rule 187 of the Rules of Procedure and Conduct of
Business in National Assembly 2007, not less than four days shall be allotted for the general discussion on the budget. However, the National Assembly smoothly continued debate on the Finance Bill, 2022 for 10 days. The formal debate started on June 13, 2022 that continued till June 24, 2022. The House also discussed recommendations of the Senate and three MNAs expressed their views on it. Minister for Finance Miftah Ismail had concluded debate on Finance Bill on June 24, 2022. The House held discussion on the Charged Expenditure included in Demands for Grants and Appropriations for the financial year ending on June 30, 2023. The House approved 131 demands for grants related to various departments and ministries. The total volume of the federal budget for fiscal year 2022-23 is Rs9.5 trillion with allocation of Rs2,158 billion jointly under the Public Sector Development Programme (PSDP) and the provincial annual development programs, which is one percent up from Rs2,135 billion last year. The Ministry of Finance has termed the budget 2022-23 as growth budget and it is based on a well-thought-out strategy to boost the economic growth
outlined in the medium-term budgetary strategy paper for FY23 to FY25. It gives a clear roadmap of the strategic priorities, revenue and spending policies of the government. During the debate on the Finance Bill, Aisha Ghaus Pasha said there had been no pressure from International Monetary Fund (IMF) to integrate amendments in the federal budget 2022-23 saying that the changes had been made in larger interest of the country. The amendments were made in such a way that the common man should not be affected, she said adding that the government had reduced taxes on the people having small incomes while increased tax on the higher income people. She said the previous government agreed on some amendments with IMF that were being followed due to commitment of the State with the international monetary institution. She said that super tax was being levied on the rich industrialists while small income segments had been given relief. During the process, the House approved the insertion of a new clause in the Bill to impose Rs 50 per liter Petroleum Development Levy on all petroleum products. Finance minister Miftah Ismail said the government had sought the permission to impose levy of up to Rs 50 but it had no intention to impose whole of the petroleum levy. He informed that at present there was zero PDM on the petroleum products. The National Assembly also approved imposition of 10% “super tax” on 13 large industries. This move will raise additional Rs 465 billion in the government revenues and help trimming the fiscal budget. The “super tax” would be imposed on the persons earning more than Rs 300 million annually who are engaged in the business of airline, automobiles, beverages, cement, chemicals, cigarette/tobacco, fertilizer, iron/steel, LNG terminal, oil marketing, oil refining, petroleum and gas exploration, pharmaceuticals, sugar, and textile.
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Bilawal cautions PM against coalition partners’ concerns ISLAMABAD staff report
Foreign Minister Bilawal Bhutto Zardari on Tuesday called on Prime Minister Shehbaz Sharif to discuss the issues of the ruling coalition partners and conveyed an important message from his father, Asif Ali Zardari. According to highly informed sources, Bilawal also discussed the funds received from China and the matters pertaining to talks with the International Monetary Fund (IMF), in his one-on-one meeting with PM Shehbaz Sharif. Per sources, Bilawal had directly arrived at the PM House after landing at Islamabad International Airport. Chief Minister of Sindh Syed Murad Ali Shah is also expected in Islamabad this evening. The sources say that the allies of the PML-N and PPP are fast getting annoyed with the attitude of the PML-N ministers and they have publicly threatened to shift to the opposition benches which may bring downfall of the Shehbaz-led coalition government. The prime minister congratulated Bilawal over People’s Party’s victory in the recently held first phase of local government elections in Sindh. The sources said that former president Asif Ali Zardari is expected to
Sino-Pakistan ties enter new phase as China’s senior leader calls on PM Shehbaz, Gen Bajwa ISLAMABAD mian abrar
Mr. Yang Jiechi, Director of Central Committee on Foreign Affairs, China, Wednesday held separate meetings with the Pakistani top leadership including Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) General Qamar Javed Bajwa and federal cabinet members. Mr Yang Jiechi is a special aide of Chinese President Xi Jinping and a member of the Political Bureau (Politbureau) of the Central Committee of Communist Party of China (CPC) and is considered expert in holding key dialogue. As Director of the Central Commission on Foreign Affairs, Yang Jiechi has a prominent role in China’s foreign relations. He has previously served as China’s Foreign Minister from 2007-13 and State Councilor from 2013-17. During his meeting, Prime Minister Muhammad Shehbaz Sharif told the Chinese dignitary that China Pakistan Economic Corridor (CPEC) and the growing economic linkages had deepened the roots of the abiding friendship between the peoples of Pakistan and China. “Atop this unshakeable foundation, the Pakistan-China partnership would continue to play its valuable
role as a factor of peace and stability in the region and beyond,” the prime minister said during a meeting with Yang Jiechi, Member of the Politburo of the Communist Party of China (CPC) Central Committee and Director of its Foreign Affairs Commission, who called him. The prime minister said that Pakistan stood ready to work closely with China for realizing both countries’ shared vision of connectivity, prosperity and public well-being. Pakistan would also continue to support Chinese investors with competitive incentives, access to highquality infrastructure and unwavering security arrangements, he added. Director Yang Jiechi is accompanied by Vice Ministers for Foreign Af-
fairs and Commerce, Vice Chairman of the China International Development Cooperation Agency (CIDCA) and Deputy Secretary General of China’s National Development and Reform Commission (NDRC). The prime minister underscored the significance of Director Yang’s visit for accelerating the implementation of the leaders’ consensus on further enhancing bilateral relations across all domains. He highlighted that economic cooperation had become a mainstay of the wide-ranging PakistanChina partnership. He expressed satisfaction at growing bilateral trade and financial linkages, with China’s unstinting support playing an invaluable role in helping Pakistan offset
external shocks to the global economy and demonstrating the continued resilience of Pakistan-China cooperation at a time of heightened uncertainty on the world stage. The prime minister particularly thanked China for renewal of the RMB 15 billion (US $ 2.3 billion) syndicate facility. The prime minister also thanked China for its support and assistance to Pakistan’s efforts towards preventing the spread of COVID-19 pandemic by providing millions of vaccine doses as well as protective and medical equipment. He underlined that as a flagship of the visionary Belt and Road Initiative (BRI), CPEC had transformed Pakistan’s economic base and strengthened capacity for self-development. He reaffirmed the Government’s resolve to accelerate the pace and complete CPEC projects at the earliest. The prime minister also underscored the high importance Pakistan attached to the strategic ML-I and other key projects including Karachi Circular Railway (KCR), Babusar Tunnel, and desalinization plant in Karachi. The prime minister reiterated his strong condemnation of the Karachi terrorist attack and underscored Pakistan’s determination to bring the perpetrators to justice.
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meet Prime Minister Shehbaz Sharif within few days. People’s Party’s cochairman Asif Ali Zardari’s Islamabad visit has been scheduled in this week, the sources said. Zardari will hold meeting with Shehbaz Sharif for resolution of the issues especially the concerns raised by the coalition partners of the federal government. According to sources, BAP parliamentary leader Khalid Magsi had complained Zardari with regard to development schemes. Separately, Aslam Bhotani has also complained senior Zardari against the attitude of the PML-N ministers towards the allied parties. According to sources, BAP leader Khalid Magsi in a meeting with the prime minister Shehbaz Sharif had urged him to keep the allies into loop during consultations. “We are unconditionally supporting you but don’t neglect us,” Magsi said in straight talk during meeting of a delegation of the Balochistan Awami Party (BAP) and independent members with the prime minister. Another key ally, Muttahida Qaumi Movement-Pakistan (MQM-P) has threatened to sit on the opposition benches.
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more inside
NA approves revised salary income tax STORY ON PAGE 03
Petroleum division seeks recommendations for import of crude oil from Russia STORY ON PAGE 02
Qureshi blames own party for his defeat in PP-217 in 2018 election STORY ON BACK PAGE
NA okays 10pc super tax on income exceeding Rs300m STORY ON BACK PAGE