NA passes Finance Bill 2023 with amendments

ISLAMABAD: The National Assembly has passed the Finance Bill 2023 with certain amendments in the proposed budgetary measures and the total outlay of Rs14.48 trillion to achieve macroeconomic stability and the target of a 3.5 Gross Domestic Product (GDP) growth rate.

The House rejected all the amendments moved by the lawmakers from the Opposition benches. The Finance Bill, moved by Minister for Finance and Revenue Senator Ishaq Dar, was passed with majority vote after clause-by-clause reading. The House echoed with desk thumping as the House passed the budget, the official news agency reported.

The passing of the Finance Bill has successfully brought an end to the budgetary process — that began on June 9 — with the budget speech of the finance minister in the National Assembly.

The bill now will go to the president for assent who will sign it into a law, which will be effective from July 1, 2023.

National Assembly Speaker Raja Pervaiz Ashraf put all the amendments proposed by lawmakers Maulana Abdul Akbar Chitrali, Saira Bano, Nisar Cheema, Zahra Wadood Fatimi, Nawab Sher Waseer and Asiya Azeem, which were with a majority vote — except for Maulana Abdul Akbar Chitrali’s amendment — in the bill for the assembly’s approval.

Consequently, the amendment proposed by MQM member Salahuddin was also rejected by the House.

In the light of the Senate recommendations, the National Assembly also approved the amendments proposed in the Finance Bill 2023-24 by the finance minister.

The bill, presented in the House on June 9 by the finance minister for consideration, got the approval of the National Assembly with certain changes in the figures related to revenue targets and other matters in the budget for the upcoming fiscal year.

Accordingly, the revenue target of the Federal Board of Revenue (FBR) was increased from Rs9.2 trillion to Rs9.415 trillion, provincial revenue from Rs5.276 trillion to Rs5.39 trillion, federal government expenditures from Rs14.46 trillion to Rs14.48 trillion, the pension volume from Rs761 billion to Rs801 billion, the subsidy volume would stand at Rs1.064 trillion, and the grants volume at Rs1.405 trillion.

As a result of all these measures, improvements would be seen in the budget’s deficit, and the fiscal deficit would decrease by Rs300 billion.

The National Assembly also passed a bill seeking amendments to the Elections Act 2017, aimed at empowering the Election Commission of Pakistan (ECP) to announce poll dates unilaterally.

The bill was moved by Finance Minister Ishaq Dar.

National Assembly Speaker Raja Pervaiz Ashraf presented the bill for voting which was passed with a majority.

The amendments also empower the ECP to make modifications to the election programme as necessary.

The proposed amendment in Section 57(1) suggested that the commission shall announce the date or dates of the general elections by notification in the official gazette and shall call upon the constituencies to elect their representatives.

The proposed amendment in Section 58(1) suggested, notwithstanding anything contained in Section 57, the commission may, at any time, after the issuance of notification under sub-section (1) of that section, make such alterations in the elections programme announced in that notification for the different stages of the election or may issue a fresh election programme with the fresh poll date(s) as may, in its opinion to be recorded in writing, be necessary for the purposes of this Act.

Meanwhile, the bill approved also included an amendment to Section 232 (Qualifications and Disqualifications) of the Election Act, 2017.

As per the proposed amendment, disqualification of the lawmaker will be considered for 5 years where the tenure of the punishment is not specified in the constitution.

The disqualification of the person will be considered for five years on the orders of the Supreme Court or high courts.