National Assembly approves Budget 2018-19

  • Finance minister says non-filers not to be allowed to open and maintain foreign currency account.

ISLAMABAD – The federal budget for the fiscal year 2018-19 on Friday got approval from National Assembly after ruling Pakistan Muslim League-Nawaz’s (PML-N) efforts yielded results on the third consecutive day of its presentation.

The Finance Bill 2018-19, presented by Finance Minister Miftah Ismail, was passed through voice voting after incorporating proposals given by lawmakers. Opposition parties also raised slogans against the budget

The basic structure of the budget remains the same as it was introduced on May 27. During the session, Ismail’s two amendments in the tax amnesty scheme were also passed alongside the bill.

Ismail expressed his gratitude over the passage of the budget, saying it would help boost economic stability in the country.

Addressing the session, Ismail said that non-filers will not be able to open dollar accounts in the country.  The Federal Board of Revenue (FBR) would have the authority to probe anyone receiving more than Rs10 million in foreign remittances, the finance minister said, adding that the sender would have to show his souce of income.

In past two days, the bill could not be approved due to low attendance in the lower house and protest by the opposition.

On Thursday, Leader of the Opposition Syed Khursheed Shah said that the opposition had refused the budget proposals, adding that the budget will play havoc in the country.

On April 27, the ruling PML-N became the country’s first political party to announce six budgets in its tenure amid opposition protests calling for a budget covering only the remaining three months of the federal government’s tenure.

Budget 2018-19: PML-N unveils Rs5.932 trillion layout for next fiscal year amid ruckus by opposition

Ismail unveiled Budget 2018-19 with a total outlay of over Rs5.932 trillion, which has been approved by the federal cabinet.