The Pakistani Rupee appreciated by eleven paisas in interbank trading on Tuesday, with the American currency reaching Rs278.50.
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 and increase malnutrition in the country.
The committee’s recommendations to the Finance Ministry and FBR will include the withdrawal of 18% GST on child nutrition products, according to news reports.
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 the FBR being criticized for heavy taxation on essential items, as it will make life difficult for the common man.
