Finance Bill 2021 to be tabled for approval today

January 11, 2022 (MLN): The Senate Standing Committee on Monday finalized the recommendations on the Finance Supplementary Bill 2021, for the report to be laid in the Committee for final review and approval by the committee members Tuesday, said a press release issued on Monday.

The Senate Panel unanimously rejected the imposed tax on “nan” and “bread” including the one prepared in bakeries. “Bread is consumed by all classes of society; children of the middle-class society use them for lunch” Senator Farooq Hamid Naek stated while debating on the proposed amendment.

The press statement further stated that the committee also rejected the proposed imposition on Yogurt, Butter, Desi Ghee, and Milk, by majority vote, while the tax has been imposed on flavored milk, cheese, cream, and whey.

Meanwhile, the representative of the supreme council of the export processing zone requested for the exemption of sales at the import stage in EPZ on the analogy that it will reflect sales tax at the import stage in the Export Processing Zone. 

“18 to 20 trillion retail sales are taken place in the country out of which only 4 trillion is accessible. 16 trillion retail sales is out of tax-net”, Stated Minister for Finance while addressing the Senate Standing Committee on Monday.

The Committee unanimously rejected the insertion of the definition of digital mode of payment as per State bank of Pakistan, on the plea that digital payments cannot be enforced.

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