All the amendments in the bill presented by Minister of State for Finance Hina Rabbani Khar were passed by the House unanimously. The new Finance Act 2009 would be issued incorporating amendments in the Finance Bill covering procedural and legal amendments relating to Seventh Schedule (banking schedule) of the Income Tax Ordinance 2001, Sales Tax Act, 1990, Customs Act, 1969 and Federal Excise Act 2005.
Pakistan Customs Tariff (PCT) has also been amended to revise rate of customs duty on certain items on the demand of business community through amended Finance Bill whereas Alternative Dispute Resolution (ADR) mechanism has been revamped for speedy resolution of tax disputes.
The budget 2009-10 was presented in the National Assembly on June 13 and it was passed after 10 day's long debate participated by members from both sides of the House and now the budget would be effective from July 1. The National Assembly also gave approval of supplementary demands for 2008-09, amounting to Rs 2.079 trillion.
Minister of State for Finance Hina Rabbani Khar said that 24 recommendations of the Senate Standing Committee on Finance for changes in the taxation system have been incorporated in the Finance Bill 2009-10. Out of total 36 technical and tax-related recommendations of the committee, 24 amendments have been incorporated in the amended Finance Bill.
Break-up revealed that 12 recommendations were related to customs duty, seven sales tax, seven income tax and seven recommendations to federal excise duty (FED). Other amendments related to surcharge, etc, in the Finance Bill. She said that most of the general recommendations of the Senate Standing Committee on Finance have been accepted. Around 60 percent of the total technical and taxation amendments have been incorporated in the amended Finance Bill.
Speaking on the occasion, Minister for Labour and Manpower Syed Khurshid Shah said that the passage of the budget is reflection of unity among the political forces hoping that it will lead to further strengthening of democracy and national institutions.
In his remarks after the passage of the budget, he appreciated all the members of the National Assembly especially the opposition that extended tremendous co-operation to the government in smooth passage of the budget. Chief whip of the PML-N Sheikh Aftab Ahmed and PML-Q leader Mian Riaz Hussain Pirzada said the opposition extended full co-operation to the government in the passage of the budget with a view to change the democratic norms and strengthen the system.
They said the co-operation with the government is aimed at promoting democracy and shutting the backdoor. They said for achieving the national goals, the opposition would continue supporting the government but it would not spare wrongdoings of the government. Minister for Ports and Shipping Babar Khan Ghouri also appreciated both sides of the House for their co-operation and stressed the need for forging unity on a single point agenda that is protection the national interests.