Finance Bill 2024: Senate proposes slashing indirect taxes by 50%, halt GST hike

The Senate proposed a total of 128 recommendations, including nine concerning the Public Sector Development Programme (PSDP) for the year 2024-25, to the National Assembly for inclusion in the Finance Bill 2024 during a session on Monday. These recommendations will be forwarded to the National Assembly, which will decide whether or not to incorporate them into the Finance Bill. Of the total recommendations, 69 were general recommendations on the budget for 2024-25. Additionally, eight pertained to the Customs Act, 1969; 23 to the Sales Tax Act, 1990; 15 to the Income Tax Ordinance, 2001; three to the Federal Excise Act, 2005; and one to Abandoned Properties. Chairman of the Senate Standing Committee on Finance, Saleem Mandviwala, presented the Senate’s budget recommendations, which were adopted by the House.