Budget debate to be concluded today

ISLAMABAD Finance Minister Abdul Hafeez Sheikh, while accommodating almost all the amendments recommended by the Senate except those having revenue impact in the Finance Bill 2010, would conclude the general debate on budget on Saturday (today). The Minister also sought nod of President Asif Ali Zardari on Friday evening to his concluding speech on budget and on the Finance Bill amendments recommended by the Senate, well-placed sources informed. According to the sources, the Government has declined to accept recommendations of the Senate suggesting withdrawal of one percent increase in the General Sales Tax. The Senate had also recommended delaying the imposition of the Capital Gain Tax that too the Government had turned down and it would be levied on July 1 onward. Most of the recommendations of the Senate which the Government has decided to incorporate in the Finance Bill are of technical nature having no or minor revenue impact. The Government would be amending the slabs of exemption to the low income and fixed income people in a bid to facilitate them in income tax. The revenue impact of these amendments would be born by the higher income people, the sources added. Despite incorporating a number of Federal Board of Revenue related recommendations of the Upper House, the Government has maintained the revenue target of over Rs 1,700 billion with additional tax measures of Rs 133 billion, the sources informed.

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