Senate Proposes Significant Changes to Finance Bill 2024

The Senate has submitted 128 recommendations to the National Assembly for inclusion in the Finance Bill 2024, including a proposal to slash indirect taxes by 50% and halt the planned GST hike. The recommendations aim to reduce the burden on the salaried class and poor segments of society.

The Senate\’s proposals include:

– Raising the minimum wage from Rs37,000 to Rs45,000

– Providing a special allowance for disabled persons

– Broadening the tax base and reducing tax burden on the salaried class

– Withdrawing sales tax on poultry feed and petroleum levy increase

– Reducing indirect taxes by 50% to lower essential goods prices

– Increasing direct taxes by including major industries in the tax net

– Continuing zero-rated exemptions for sectors like pharmaceuticals and medical supplies

The Senate\’s recommendations will be considered by the National Assembly, which will decide whether to incorporate them into the Finance Bill 2024.