The Senate Standing Committe on Finance
ISLAMABAD:?A consesus was reached on Tuesday as expected among the four provinces on the reformed general sales tax (RGST) at a meeting of the Senate’s standing committee on finance.
The legislation process on RGST will commence on November 27, said Finance Secretary Salman Siddique, while addressing the Senate committee.
Pakistan Muslism League-Nawaz’s (PML-N) senator Ishaq Dar criticised the decision to impose the tax, saying the that businessmen and traders were not consulted on the issue even six months after the proposal was presented.
Pakistan People’s Party’s (PPP) Safdar Abbasi said the RGST bill stands to weaken provincial autonomy.
The chairman of the committee, Muttahida Qaumi Movement (MQM) senator Safdar Ahmad Ali, did not show up in the meeting.
Addressing the senate’s standing committee on finance, Finance Minister Dr Abdul Hafeez Shaikh said that the economy would not be affected significantly if the International Monetary Fund (IMF) did not release the sixth financial tranche.
He said, however, that state institutions would be affected by such a decision by the IMF.
The finance minister lamented the government’s failure in fulfilling the targets set in consultation with the IMF.
He also strongly criticised the government’s decision to give subsidies to different sectors in 2005.
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