ISLAMABAD: Pakistan’s upper house ‘Senate’ introduced Security Bill 2014 during its last session organised in Islamabad on Thursday (today).
The Senate held its session in Islamabad on Thursday under chair of Chairman Syed Nayyar Hussain Bukhari. Minister of State for Parliamentary Affairs Sheikh Aftab Ahmad introduced The Securities Bill 2014 in the upper house to amend and toughen law for the regulation of the securities industry and protection of investors.
Senate chairman referred Securities Bill 2014 to the concerned committee concerned of the upper house for consideration.
The session also discussed on Pakistani President’s joint address to upper and lower houses delivered on June 2 of last year. Motion to this effect was moved by the House Leader Raja Zafarul Haq on October 21, 2014, Radio Pakistan reported.
Decision for imposition of five per cent additional General Sales Tax (GST) on petroleum products to reduce revenue loss was taken into information of the upper house.
Mian Raza Rabbani submitted attention notice to the house over imposition of additional GST on petroleum products. However, Ishaq Dar detailed its reason before the house that the imposition was made for reduction in revenue loss caused after significant fall in oil prices globally. Dar added five reductions have been made since 1st of September last year to provide relief to the people. He said by imposing five percent GST on petroleum products, the Government will collect seventeen and half billion rupees by June this year to cover required additional funding.
At least thirty billion rupees additional funds were spent on military operation Zarb-e-Azb and assistance of Internal Displaced Persons (IDPs).
The opposition members walked out from the House to protest five percent additional GST on Petroleum products imposed by the government through Federal Board of Revenue (FBR).
The House has adjourned its meeting till 10:00am of January 2 (tomorrow).
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