Senate panel terms budget against national interests

The Senate Standing Committee on Finance has expressed dissatisfaction with tax measures announced in the budget 2024-25, lamenting that they appeared more aligned with the International Monetary Fund (IMF) priorities than national interests. The committee, led by Chairman Senator Saleem Mandiwalla, concluded its discussions on the Finance Bill 2024 on Saturday. The committee is set to deliver its recommendations on Monday and promptly send them to the Senate on the same day. The committee also expressed concerns regarding the unequal distribution of the tax burden, particularly among those less fortunate and vulnerable. The imposition of taxes on infant milk is highly controversial, as it burdens newborns excessively. Officials from the Federal Board of Revenue (FBR) revealed that tax exemptions were removed from 337 items, which fell short of the IMF’s demand for 749 items. In addition, the official said that the IMF wants FBR to generate Rs40bn from milk products and Rs7bn from stationery items.