Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Wednesday laid the Finance Bill 2024 in the Senate, as required under Article 73 of the Constitution.
The Finance Bill, containing crucial financial proposals, was formally submitted to the Senate for consideration and detailed review.
During the sitting, the minister also invited the members of the Senate to provide their recommendations on the Finance Bill, which will be forwarded to the National Assembly for consideration.
Chairman Senate Syed Yousuf Raza Gilani sought the recommendations of members on the Finance Bill 2024 containing the annual budget statement by Friday (June 14) but latest by noon and no recommendations would be entertained after that. It was also asked to submit a formal report to the Standing Committee on the Finance Bill.
The proposals regarding the Finance bill shall be sent to the Committee on Finance and Revenue while recommendations pertaining to PSDP to the Standing Committee on Planning, Development and Special Initiative.
The Senate Committee on Planning, Development and Special Initiative shall examine the recommendations about PSDP and forward it to the Standing Committee on Finance and Revenue by June 21, he said.
The Finance and Revenue Committee shall submit its recommendations to the House on June 24.
The Finance Bill 2024 holds substantial importance as it encompasses crucial fiscal policies and measures that will shape the country’s economic landscape.
The proposals outlined within the bill are expected to impact various sectors and stakeholders, ranging from taxation and public expenditure to investment incentives and economic reforms.
With the Finance Bill now before the Senate, the legislators have a critical responsibility to thoroughly assess the proposed measures and offer well-informed recommendations. The Finance Bill 2024 will now undergo a review process in the Senate, where senators will analyze its provisions and make relevant suggestions.
The presentation of the Finance Bill 2024 in the Senate marks a significant milestone in the budgetary process, underscoring the government’s commitment to transparency and accountability. The Senate’s recommendations will provide valuable insights and ensure a more inclusive and effective budget that addresses the nation’s aspirations and bolsters economic growth.
