The National Assembly on Thursday approved the federal budget for the fiscal year 2025-26, with certain amendments to the Finance Bill, despite strong protests from the opposition..
Earlier, National Assembly began the clause-by-clause approval of the federal budget for the fiscal year 2025-26, rejected all amendments proposed by the Opposition with a major vote.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb presented the Finance Bill with a load of amendments in the House for final approval. The session was chaired by Speaker Ayaz Sadiq and attended by Prime Minister Shehbaz Sharif, who also went to Opposition and shook hands with Gohar Ali Khan and Asad Qaiser.
During the proceedings, all opposition amendments related to the carbon levy were rejected, while the government’s proposed amendments were accepted.
According to the finance bill 2025, sales tax rate on solar panels has been reduced to 10pc. One of the key approvals was the acceptance of amendments related to the Customs Act, with 201 members voting in favour. On the other hand, the opposition’s amendments were dismissed by a majority vote.
Throughout the session, members continued to propose amendments while Finance Minister Aurangzeb responded to these proposals, expressing the government’s support or opposition as needed.
The amended Finance Bill (2025-26) has revised penalty regime for committing tax fraud and non-filing of monthly statements by intermediaries or courier companies collecting payments from online marketplaces.
The amended Finance Bill (2025-26) has proposed many amendments in the Sales Tax Act relating to the penalty regime.
According to new amendments in the Finance Bill, any tampering with tax invoice will be treated as tax fraud under Finance Bill 2025. The provision of wrong information in tax returns will be considered as tax fraud.
Removal of evidence to avoid paying taxes will also be considered tax fraud. Any person who provides wrong information wilfully will be considered as tax fraud.
As per the bill, three notices will be issued to the relevant company involved in tax evasion. The investigation against the person will be open.
A person who will join the investigation will not be arrested, but in case he or she tries to travel abroad will be arrested.
The Bill further stated that a person who commits tax fraud worth Rs500 million will be arrested.
Permission of a committee comprising Member Operations, Member Legal is mandatory for arresting anyone.
The arrested person will be produced before a magistrate within 24 hours of his or her arrest.