ISLAMABAD: The Senate Finance Committee has finalized the budget proposals.
The committee’s meeting was chaired by Senator Saleem H. Mandvi at the Parliament House.
The committee reviewed the recommendations regarding the budget for Fiscal Year 2017-18. The chairman CNG association told the committee that the government GIDC committee was ordered to deposit Rs12billion but we are ready to pay 30 percent while the ministry of finance is demanding 60 percent advance.
The committee directed the ministry to follow a middle-way and ordered the CNG association to pay 40 percent amount in the same month, and the remaining amount could be paid next year. The association accepted the suggestion. Additional secretary finance said he would consult with the minister of finance and secretary finance and then will let the committee know.
The CNG association chairman said we have an agreement with the FBR under which we had to pay four percent tax on the use of gas. In the next Fiscal Year 2017-18, the FBR has proposed that it will charge four percent comprehensive taxes which is to be 6.5 percent. It will increase the price of gas up to Rs 3 per liter which will affect the gas business.
He told the committee that there are 3,000 CNG stations in Punjab whereas 2,200 CNG stations are closed. The manufacturers association told the committee that traders are selling potassium chloride without verification which is a dangerous trend.
The association recommended that duty should be increased on potassium chloride and more taxes be also levied on the input and output. The committee directed that only recognized traders be allowed to sell the potassium chloride. The committee has decided to write a letter to the interior ministry in this regard.
The second session of the standing committee meeting was held in camera. The meeting was attended by Senator Ilyas Ahmed Bilour, Talha Mehmood, Mohsin Khan Leghari, Osman Saifullah Khan, Saud Majeed Aysha, Raza Farooq, Chairman FBR Dr. Mohammad Irshad, Member IR Policy FBR, Dr. Mohammad Iqbal, Member Customs Zahid Khokhar, Additional Secretary Finance , Joint Secretary Ministry of law Sarfaraz Shaikh and other senior officials.
