ISLAMABAD: Members from both treasury and opposition benches in the National Assembly on Thursday stressed for consideration of 66 recommendations of the Senate in the Finance Bill, 2011.
Taking part in the debate, PPP's Yasmeen Rehman said that the recommendations proposed by the Senators for strengthening collection of tax and revenue system would improve tax net of the country.
She said that tax exemption for setting up a new industry was a good step but proposed that such exemption should not be given for reconstruction of old industrial units.
She said that there should be physical input by the FBR to check fake companies' tax returns and agreed with the proposal that tax on income from all sources should be deducted.
Yasmeen Rehman said that state corporations like PIA, Pakistan Steels, Railways etc should be restructured while circular debt should not be allowed for more than three months.
PML-N's Ahsan Iqbal said that the 18th Amendment had further empowered the Senate with regard to budget. He said after a thorough debate on the budget, the Senators had given relevant recommendations in the Finance Bill.
He said the tax net should be broadened and solid steps should be taken to end leakages in collection of taxes.
He said that there were leakages of Rs 250 to 400 billion in government corporations and no steps had been taken to check it. He said that restructuring of state- owned institutions was need of the hour.
He stressed for giving top priority to the energy sector and said that incentives should be announced for private sector in hydle power generation projects.
Ahsan said that despite that education and health had now become provincial subjects but even then more budget should be allocated for them.
He supported the recommendation of 25 per cent reduction in administrative expenditures and called for a check on the misuse of perks and privileges given to bureaucrats.
He said the government should also check the fiscal deficit as use of non productive loans were adversely affecting the economy. He also called for introducing interest-free Islamic banking system in the country.
The PML-N legislature said that law and order should be given top priority and more funds should be allocated for training of personnel and capacity building of police and intelligence agencies.