Pakistani Rupee appreciated in the eleven paisas in the interbank trading on Tuesday. The American currency reached Rs278.50 paisas in interbank trading.
Earlier, the Senate Standing Committee on Finance raised serious concerns about the proposed tax measures in the budget for the next fiscal year, warning that they will fuel inflation in the country and increase malnutrition.
The committees recommendations to finance ministry and FBR will include withdrawal of 18% GST on child nutrition products, according to news reports in the media.
Committee chairman Senator Saleem Mandviwalla made these remarks during the committee meeting on Saturday. Criticizing the imposition of taxes on basic food items, the committee rejected the proposed taxes on locally produced baby food and infant nutrition, as well as packaged milk.
The budget drew ire from lawmakers from both the ruling PML-N and PPP, as well as opposition Senators, with FBR being criticized for heavy taxation on essential items, as it will make life difficult for the common man.
Read more:
Federal development budget year-on-year comparison in charts
FBR, finance ministry under fire for 18% GST on children's nutrition
.jpg)
.jpg)
