Mini budget stucks in National Assembly, as Ishaq Dar goes missing

It is almost a week since Federal Finance Minister Senator Ishaq Dar presented the mini budget bill, while the approval of the bill has not been taken yet, the session of the National Assembly was adjourned on Friday without voting on the Finance Bill 2023. . Economists say that if the finance bill is not passed, the IMF’s support budget program will not be restored.

The third session was held after the presentation of the mini-budget on Friday, the meeting was presided over by Speaker National Assembly Raja Pervez Ashraf.

Later, the House of Commons issued a statement on its official Twitter handle saying, “The meeting of the National Assembly has been adjourned till 5 PM on Monday, February 20, 2023.”

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During Friday’s meeting, Pakistan People’s Party (PPP) MNA Qadir Khan Mandukhel urged the government to reduce the burden on the poor and increase taxes on luxury cars and houses.

Muttahida Qaumi Movement-Pakistan (MQM-P) MNA Salahuddin criticized Ishaq Dar, saying the finance minister appeared to be “non-serious” about the difficult situations facing the country.

NA session has been adjourned to meet again on Monday, the 20th February 2023 at 5:00 pm.#NASession @NA_Speaker @PTVNewsOfficial @RadioPakistan @MoIB_Official pic.twitter.com/7mhDwixFXl

— National Assembly of 🇵🇰 (@NAofPakistan) February 17, 2023

He demanded that the Parliament should be made aware of who is actually responsible for the current dire economic situation of the country.

National Assembly Speaker Raja Pervez Ashraf said that the Senate’s recommendations on the Finance Amendment Bill 2023 have been received by the National Assembly.

It should be noted that the Federal Minister of Finance and Revenue, Senator Ishaq Dar, presented the Finance (Supplementary) Bill 2023 or “Money Budget” in the National Assembly on Wednesday last week.

Addressing the Lower House of Parliament, the Finance Minister said that the General Sales Tax (GST) rate has been increased from 17 to 18 percent and the Federal Excise Duty (FED) on cigarettes has also been increased.

Finance Bill proposals

• The government has increased GST on luxury items from 17% to 25%.
• Federal excise duty on cigarettes and fizzy drinks is proposed to increase.
• It is proposed to increase the federal excise duty on cement.
• GST has been increased from 17% to 18%.
• Benazir Income Support Program (BISP) handouts increased from Rs 360 billion to Rs 400 billion.
• FDE on business and first class air tickets will now be Rs 20,000 or 50%-
• GST will not be levied on essential items.

While sharing the important points of the Supplementary Finance Bill, the Finance Minister said that an effort has been made not to levy additional tax on items of daily use.

Comment

Economic analysts say that they do not understand the reason why the mini-budget is not being passed by the National Assembly, because apparently there is no opposition in the National Assembly at the moment, and there is no agreement on the mini-budget within the ranks of the government. Yes, because if the mini-budget is not passed, the IMF program will not be revived.

Economists say that the most surprising thing is that ever since Ishaq Dar presented the mini-budget, he has disappeared from the screen, while in his speech he said that we have given this budget. It has to be approved by both houses in days.