The Pakistani Rupee strengthened by eleven paisas against the US dollar in interbank trading on Tuesday, with the U.S. dollar reaching Rs 278.50.
The Senate Standing Committee on Finance recently expressed deep concerns regarding proposed tax measures for the upcoming fiscal year. They warned that these measures could exacerbate inflation and worsen malnutrition in the country.
The committee’s recommendations to the Finance Ministry and the Federal Board of Revenue (FBR) include removing the 18% GST on child nutrition products.
Committee chairman Senator Saleem Mandviwalla voiced these concerns during a meeting on Saturday. He criticized the tax imposition on essential food items, leading to the committee’s rejection of proposed taxes on locally produced baby food, infant nutrition, and packaged milk.
The budget has faced criticism from members of both the ruling parties, PML-N and PPP, and opposition senators. They argue that the FBR’s heavy taxation on essential items will burden the common man.
