The Finance Bill, which outlines key fiscal proposals and policy measures for the upcoming financial year, was formally submitted for the Senate’s review and feedback.
During the session, the finance minister invited senators to present their recommendations on the bill, which will be forwarded to the National Assembly for consideration.
Chairman Senate Syed Yousuf Raza Gilani called on members to submit their recommendations on the Finance Bill 2025, including the annual budget statement, by 5:00 PM on Thursday, June 12.
No recommendations will be entertained after the deadline. A formal report is also to be submitted to the relevant standing committee.
No decision yet on petroleum levy, says FinMin Aurangzeb
As per the procedure, budget proposals in the Finance Bill will be referred to the Senate Standing Committee on Finance and Revenue, while the Standing Committee on Planning, Development and Special Initiatives will examine recommendations related to the Public Sector Development Programme (PSDP).
Gilani stated that the Senate Committee on Planning, Development and Special Initiatives will review the PSDP-related recommendations and forward its report to the Finance and Revenue Committee by June 19.
The Finance and Revenue Committee will then submit its final recommendations to the House.
The Finance Bill 2025 carries substantial significance as it sets forth the government’s fiscal roadmap, including proposed changes in taxation, public spending,
investment incentives, and broader economic reforms.
Earlier, Federal Finance Minister Muhammad Aurangzeb clarified that no discussions have taken place regarding a petroleum levy in the proposed Budget 2025–26.
Speaking on the’ program “Khabar, the minister stated that while revenue could potentially be increased through a carbon levy, the petroleum levy has not yet been considered. He emphasized the need to prioritize taxation and environmental concerns.
“We need to take steps to enhance revenue collection,” he said, adding that last year the government also highlighted enforcement as a means of boosting revenue.
Muhammad Aurangzeb asserted that the figures presented in the Economic Survey are accurate. He questioned why tariff reforms, which should have been implemented earlier, were delayed.
Mutib Khalid is a skilled content writer and digital marketer with a knack for crafting compelling narratives and optimizing digital strategies. Excel in creating engaging content that drives results and enhances online presence. Passionate about blending creativity with data-driven approaches, Mutib Khalid helps brands connect with their audience and achieve their goals.