ISLAMABAD: The Senate on Thursday debated on the Finance Supplementary (Second Amendment) Bill, 2019, presented by Minister for Finance, Revenue and Economic Affairs Asad Umar in the National Assembly on Wednesday.
Senators from treasury and opposition benches participated in the debate and recommended various proposals to make this finance bill more effective and helpful for improving the living standard of commoners.
Senators from treasury benches termed the Finance Bill as pro-people adding it will be helpful in improving the economic situation of the country besides changing the life of common man.
Senators from opposition benches criticized the bill and suggested to include proposals from the parliamentarians for further improving the bill.
Minister of State for Finance, Revenue and Economic Affairs Hammad Azhar said it is wrongly perceived that the government has imposed more taxes in finance bill.
He said during the last 10 years there was the lowest economic growth period and the situation was the same since 1971. He said past governments did nothing to improve the situation.
The minister said the present government is successfully addressing the issues of the business community through investment reforms, industrialization package and other incentives.
He said these issues could not be addressed by the past governments.
Mr Azhar stated the government is making efforts to stabilize the country’s economy and improving fiscal deficit situation.
He said past governments’ negligence has resulted in an increase in deficits which is still being faced by the country.
He said the past governments were in knowledge of such situation, but they failed to do anything to improve the economic condition of the country. However, the present government will ensure to improve the economic condition of the country.
Senator Faisal Javed said several incentives have been proposed by the government in the bill for improving the economic condition of the country.
He said initiatives taken by the government will change the life of people of the country.
Mr Javed stated the government has already taken steps for stopping money-laundering and other ways to loot the country’s money.
Senator Usman Kakar, Mustafa Nawaz Khokar, Abdul Ghafoor Haidri and Lt Gen (R) Abdul Qayyum also participated in debate and suggested various proposals to include in the finance bill.