Senate okays finance bodys amendment proposals on RGST

Despite massive criticism, Senate on Friday approved recommendations of the Standing Committee on Finance and Revenue vis-a-vis RGST Bill. The bill has been approved by majority in the Senate. However, PML-Q staged a walkout against the ratification. Later, while talking to media Opposition Leader Wasim Sajjad rejected the bill, saying that the bill would bring a flood of inflation. We reject the Bill, with or without amendments, Sajjad said. Earlier, Awami National Party walked out of the Upper House against the arrests of Pakhtuns in Karachi over their alleged links with the Taliban. Later, they were convinced to rejoin the Upper House proceedings. A rumpus was witnessed when the review report on RGST tax, prepared by Senate Standing Committee for Finance and Revenue, tabled in the Senate. On this, Chairman Senate Farook H Naek got annoyed and ruled that none of the members would be allowed to violate the rules. Earlier, JUI filed motions against amended Finance Bill and RGST Bill 2010. The motions stated that JUI rejected the said bills outrightly, while opposition leader in Seante Wasim Sajjad also moved a motion against RGST Bill. The Federal Law Minister, Babar Awan, while talking to the media outside the Senate, presented the report, which includes the 15 recommendations by the Senate.Awan said that everyone was given a fair chance in the proceedings while also criticizing the Senator Ahmed Ali, the chairman of the Senates the standing committee on finance, who had had earlier signed the bill but opposed it in the Senate session today.Finance Minister Dr Abdul Hafeez Shaikh said that it was a historic step by the Senate to accept the bill, saying it would finally change the 20-year old system of taxes.Shaikh said the parliament will now have to make tough decisions. He also thanked the finance committee, who he said had worked tirelessly for the past four days.Pakistan Muslim League-Nawaz (PML-N) senator Ishaq Dar said that had the Pakistan Muslim League-Quaid (PML-Q) not walked out of the session, the opposition could have blocked the recommendations from being approved.The Upper House would formulate its suggestions within 14 days to be transmitted to the Lower House, which would accept or reject the Bill. The National Assembly is competent to pass any Money Bill, which would become Act of Parliament after the ascent of the President.