Latest news with #StandingCommitteeonFinance
Express Tribune
13-06-2025
- Business
- Express Tribune
Taxman told to enhance skills
In a major development, a National Assembly panel on Thursday linked approval of legal amendments to ban economic transactions by ineligible persons with tax machinery's ability to develop an independent and credible online platform to determine real value of people's assets. The condition came a day after Finance Minister Muhammad Aurangzeb said that the government may have to take Rs500 billion worth more tax measures, if the National Assembly did not approve the law to ban the economic transactions. The committee would not pass the amendments related to the economic transactions until the members are satisfied that the Federal Board of Revenue has developed an independent and reliable online platform to assess people's assets, said Standing Committee on Finance Chairman Syed Naveed Qamar. The government has proposed that only those people can buy cars, plots, invest in securities who have sufficient declared white legal resources to buy these assets and maintain bank accounts The finance minister again reiterated on Thursday that the IMF has accepted Rs389 billion in collections on account of improved enforcement in the next fiscal year and for that the new legal powers were needed. The National Assembly Standing Committee on Finance had last month linked the approval of the bill to ban economic transactions with the government's ability to develop a credible online mechanism where the eligibility criterion can be independently determined and verified without harassment by the taxmen. PPP's MNA Mirza Ikhtiar Baig raised the issue of first assessing the credibility of the new platform to make sure that the taxpayers are not harassed by the FBR. Finance Secretary Imdad Ullah Bosal announced before the committee that the government has decided to give a 50% special relief allowance to all officers of the armed forces and 20% to other soldiers, in a move that acknowledges their contributions in defense of the nation. This brings the total increase in the salaries of officers of the armed forces to 60% and to 30% for other soldiers after incorporating the impact of the regular increase in their salaries announced on June 10. The announcement was made before the National Assembly Standing Committee on Finance and Revenue that on Thursday began discussions on the Finance Bill 2026, which is the real budget. The government has given special relief allowance equal to 50% of the basic pay scale to the officers and 20% to junior commissioned officers and soldiers, said the Secretary Finance. The Leader of the Opposition in the National Assembly Omar Ayub Khan, who is also a member of the standing committee, asked about the fiscal impact of the special relief.
Eyewitness News
11-06-2025
- Business
- Eyewitness News
Calls from opposition for Godongwana to quit out of kilter with coalition politics
CAPE TOWN - Chairperson of Parliament's Standing Committee on Finance, Joe Maswanganyi, says calls from the opposition for Finance Minister Enoch Godongwana to quit are out of kilter with coalition politics. The National Assembly on Wednesday afternoon considered a Fiscal Framework and Revenue Proposals that will underpin the 2025 budget for a second time, after Godongwana was forced to withdraw the last version in April, following political pressure both within and out of the Government of National Unity (GNU), and a subsequent court challenge. On Tuesday, the uMkhonto weSizwe (MK) Party lost a vote in the house calling for the Finance Minister to be censured over what it argued was the mismanagement of the budget process. Tabling the committee's report on the latest fiscal framework on Wednesday afternoon, Maswanganyi said drawing up a budget that considers the competing interests of all partners in a coalition government is a complicated process. "The budget adoption process within a coalition government can be quite complex due to the multitude of interests involved. Coalition partners often bring diverse priorities, ideologies and agendas to the table, which can complicate consensus-building efforts. Many countries, such as those in the Benelux region, the Nordic nations and Germany, encounter similar challenges under coalition governance." In response to public objections to the adjustment in the fuel levy to fund the R2.3 trillion budget, Maswanganyi said the committee will put pressure on finalising a review of the country's fuel price structure. The committee noted the stakeholders' rejection of this proposal, mostly citing its impact on the business sector, poor people and low- and middle-income households who spend the bulk of their earnings on food and transportation. ALSO READ: EFF hellbent on having fuel levy hike scrapped, despite losing legal bid
IOL News
04-06-2025
- Business
- IOL News
Third time's the charm: Godongwana's 2025 budget finally approved
Minister of Finance, Enoch Godongwana's 2025 National Budget has finally been approved following the adoption of the fiscal framework that is the backbone of the budget. Image: Independent Newspapers Minister of Finance, Enoch Godongwana's 2025 National Budget has finally been approved following the adoption of the fiscal framework that is the backbone of the budget. This was Godongwana's third attempt to get the National Budget passed after an outcry over two proposals to increase VAT. During a joint meeting with Standing Committee on Finance, and the Select Committee on Finance, Members of Parliament adopted the document that establishes economic policy and revenue projections and sets the overall limits for government spending. The process, which took three hours on Wednesday, was not without its issues, with some members arguing that the process was flawed and that not everyone was able to make their voice heard. Insults also flew, with one member saying that her peers should 'learn to read'. In presenting the May 21 National Budget, Godongwana said there were no austerity measures, although government spending was held back. The fuel levy as well as sin taxes were increased. The budget invests over R1 trillion in critical infrastructure to lift economic growth prospects and improve access to basic services, Godongwana said on May 21. He added that this would be done without compromising the fiscal strategy of sustainable public finances. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Government has achieved its balancing act by reducing additional spending over the medium term by R68 bilion after facing a R75bn revenue hole as VAT was not being increased. In May, Godongwana added that the government would continue to pay large amounts to service debt, which would amount to more than R1.3 trillion over the next three years. 'Put differently, this means in 2025/26 alone we are spending around R1.2bn per day to service our debt,' he said. IOL
Business Recorder
04-06-2025
- Business
- Business Recorder
South African rand edges up before parliamentary committee debates budget
JOHANNESBURG: The South African rand edged up on Wednesday before a parliamentary committee was due to debate the long-delayed national budget. At 0730 GMT, the rand traded at 17.81 against the dollar , about 0.2% stronger than Tuesday's closing level. The Standing Committee on Finance was to meet from 0800 GMT to consider the first piece of legislation associated with the budget. It is set to adopt a report to either recommend that lawmakers pass the fiscal framework and revenue proposals or send them back to the National Treasury for further changes. The budget was meant to be presented in February but has had to be revised twice due to disagreements in the ruling coalition government, largely over contentious plans to raise tax. The third budget version presented by Finance Minister Enoch Godongwana in May is now expected to pass, after a coalition partner that rejected the two previous iterations backed it. South African rand slips before Q1 GDP data, analysts forecast no growth Early on Wednesday a purchasing managers' index survey showed South African business activity grew at its fastest pace in four years in May. That followed Tuesday's gross domestic product data showing Africa's biggest economy stagnated in the first quarter. The benchmark 2035 government bond was slightly stronger in early deals, as the yield fell 2.5 basis points to 10.085%.
Express Tribune
15-05-2025
- Business
- Express Tribune
Captive power levy sparks Senate clash
Federal Law Minister Azam Nazeer Tarar and Opposition Leader Shibli Faraz engaged in a heated debate on Thursday over a money bill proposing an "off-the-grid" levy on gas-based captive power plants. The exchange took place after Senator Anusha Rahman, on behalf of the Standing Committee on Finance Chairman Saleem Mandviwalla, presented the committee's report on the Off The Grid (Captive Power Plants) Levy Bill, 2025 in the house. Opposing the bill, Fraz argued that imposing a levy on captive power plants would negatively impact not only industries but also housing societies that depend on them. He warned that the added cost would hurt industrial growth. In response, Law Minister Tarar said that electricity prices had dropped by Rs10 per unit in the past two months. He added that the decision to impose the levy was made after thorough deliberation by Prime Minister Shehbaz Sharif. "Re-negotiation has been carried out with three power plants, and all the things have been discussed in the standing committee," Tarar told Faraz. "I was hoping that the opposition leader would himself attend the committee meetings on the matter," he added. Tarar said that captive power plants earned significant profits over their cost, adding that poor people were also taken into consideration while drafting the policy. Faraz, meanwhile, insisted that with the imposition of the levy, electricity for industries will become expensive. "Unemployment will increase due to the high cost of electricity for industries." He then addressed directly to the minister, saying: "Talk about the captive power plants, instead of my presence in the committee meeting. While presenting the report, Anusha Rehman said that the recommendations on the money bill had been approved unanimously by the standing committee. She said that the Senate's recommendations would also be sent to the National Assembly Secretariat. Earlier, the Senate Committee on Finance met with Anusha Rehman in the chair. During the meeting, Petroleum Secretary Momin Agha told the committee members that the government wanted to transfer captive power plants to the electricity grid. While giving a briefing on the bill, the additional finance secretary said that 70% of captive plants were in Sindh. After a detailed review, the chair ruled that this bill was passed unanimously and recommendations would be sent to the house. Meanwhile, four committee reports were also presented in the Senate. Senator Shahadat Awan, on behalf of Farooq Naek, chairman of Standing Committee on Law and Justice, presented the report on The Civil Courts (Amendment) Bill, 2025. Standing Committee on Federal Education and Professional Training Chairperson Senator Bushra Anjum Butt presented the report on The Nexus International University of Health Emerging Sciences and Technologies, Islamabad Bill, 2025. Minister for Human Rights, Senator Azam Nazeer Tarar laid before the Senate the Annual Reports of the National Commission for Human Rights for the years 2023 and 2024.
