National Assembly approves Finance Bill, 2018 – 19

According to latest media reports, the National Assembly of Pakistan today approved the Finance Bill for the fiscal year 2018 – 19.

A number of proposals given by members during debate on the budget and recommendations of the Senate have been incorporated either fully or partially but the basic structure of the budget remains as announced by Finance Minister on 27th of last month.

Parliament also approved supplementary budget worth Rs. 226,225,270,000 today. The supplementary budget included provisions worth Rs. Servicing of Foreign Debt, Foreign Loans Repayment and Repayment of Short Term Foreign Credits at Rs. 259,365,359,000 as well.

The Parliament also approved Rs. 6,650,559,000 for the upcoming general elections.

Salient Features of Finance Bill

• Non-filer barred from opening Forex Accounts
• No tax on remittances from overseas Pakistanis
• Income Tax Filing to become mandatory to open Forex Account
• Some NGO’s to be allowed tax exemption
  • NGO’s to be reviewed before granting tax exemptions

The Finance Bill was approved today amidst major criticism from opposition parties who criticized the removal of health levy from tobacco manufacturers, additional requirement of FBR Registration for Overseas Pakistanis amongst others.

Peoples Party representative Aijaz Khan Jakhrani and Shazia Marri both strongly criticized the reduction of levy on tobacco products. PPP MNA, Aijaz Jakhrani said that, “There is a mafia working behind this reduction of levy.” He also said that the “Government has changed the levy structure to facilitate some of the tobacco producers.”