ISLAMABAD - The Senate Standing Committee on Finance, Revenue and Economic Affairs on Wednesday unanimously approved some recommendations to be moved to the National Assembly for consideration for incorporating in Finance Bill 2011-12 including to fix minimum wage at Rs 8,000 per month and to increase the level of Income Tax to Rs 400,000. The Senate body met under the Chairmanship of Senator Ahmed Ali. The Senators hailing from Opposition parties including Senator Muhammad Ishaq Dar, Senator Haroon Khan, Senator Professor Khursheed Ahmad and Senator Syed Javed Ali Shah did not attend the meeting, however, they submitted their proposals to the committee as like other Senators. The Committee unanimously approved to increase the minimum wage to Rs 8,000 per month from existing Rs 7,000 per month. Similarly, the Committee approved to increase the minimum level of Income Tax to Rs 400,000 from proposed Rs 3,50,000. Meanwhile, it was also agreed that all incomes must be taxed. The Committee also approved the proposal of reducing the foreign visits of the President and the Prime Minister and also to send only one official of Parliament with the official visits of members of National Assembly and Senate. The Committee also agreed to send a recommendation to the National Assembly to reduce the interest rate reasonably after decreasing the inflation rate. Meanwhile, the recommendations including resolving and addressing energy crisis, taking measures to reduce the cost of production, consistency in economic policies, one window operation for investment, broadening of direct taxes, mobilising of additional resources, plugging the leakages and corruption were also approved by the Committee. However, the Committee turned down the proposal of reducing the General Sales Tax (GST) rate to 15 per cent from 16 per cent, as officials of Federal Board of Revenue (FBR) informed the Committee that it would cost Rs 35 billion to the tax Department. The FBR members informed the Committee that they already reduce the GST rate by one per cent i.e. 17 to 16 per cent that resulted in loss of Rs 35 billion to them. Another proposal of giving outstanding dues to the flood affectees during the upcoming financial year was also approved by the Committee. Secretary Finance informed that the government is likely to provide Rs 40,000 to them before June 30. It was also agreed that National Assembly should consider that all international loans and economic agreements should be ratified by the Parliament. The Senate body recommends to the National Assembly that the government should rationalise the generation of energy mix basis and curtail line losses to the minimum so as to benefit lower income groups in the shape of lower tariff. It was also agreed to promote the Public Private Partnership. The Secretary Finance Dr Waqar Masud informed the Committee that the governments borrowing from central banks would reduce in the upcoming budget. Senator Syeda Sughra Imam, Senator Dr Safdar Abbasi and Senator Muhammad Talha Mahmood attended the meeting.