'MQM to back SBP, fiscal impact bills'

ISLAMABAD: The Mutahidda Qaumi Movement Pakistan (MQM-P) has decided to support the bills ---one for provision of autonomy to the State Bank of Pakistan while the other related to the fiscal impact.

A formal decision would be announced Thursday (today).

Former federal minister and convenor of the MQM-P Khalid Maqbool Siddique and incumbent federal minister Syed Aminul Haq had preliminary discussions in the matter and they also had shared their views with their fellow colleagues in the parliament and outside.

They were of the view that the bills had no political connotations, but the national interest demanded the legislation be carried out smoothly regarding both the subjects.

Sources said Wednesday that the MQM-P had yet to inform the federal government formally about its decision on the question of legislation.

The MQM-P is the largest ally of the ruling PTI in the National Assembly since it has seven members in the house beside three in the Senate. Some members do have reservations about the slated legislation but they are clueless about an alternative. The opposition has also approached the MQM-P leadership for mustering its support but they have informed it that the leadership of the party would take ultimate decision and will surely take into consideration submissions made by the opposition.

In the meanwhile, yet in another interesting development, federal minister Syed Aminul Haq belonging to the MQM-P, has announced opposing certain clauses of the finance bill dealing with imposition of taxes on the IT Industry.

The minister, who holds the portfolio of the Information Technology, told media here Wednesday that he would standby the IT industry in opposing if any new tax was imposed on it. He said that IT industry is under the impression that 10 percent increase in the withholding tax is going to be imposed on it. The minister said that the government has planned to setup 40 new software parks in the country and it would help in rapid growth of the industry that will equally beneficial to youngsters and women folk.

Mr Haq made it clear that he would take up the matter with the prime minister before going into the special cabinet meeting on budget adjustments. He will urge him to withdraw the proposal of any new tax on the IT Industry. The minister didn’t give his mind about outright opposing or supporting the bills in question, if his demand isn’t met regarding the IT industry.