September 25, 2018 (MLN): Senate Standing Committee on Finance, Revenue, and Economic Affairs in its meeting discussed the amendments in Customs Act 1969, Sales Tax Act 1990 and Income Tax Ordinance 2001, as part of the Finance Supplementary (Amendment) Bill, 2018.
The Federal Board of Revenue elucidated the committee regarding the intention behind amendments proposed in the finance bill by stating that the alteration of custom and general sales duties on raw materials is proving beneficial to the local industry.
In response to the Committee members’ concerns over proposing removal of bar on buying property and vehicles on non-filers, they were told that purpose behind removing the bar is the legal hiccup in the implementation of this decision as it does not specify measures for issues of inheritance, criteria for pensioners and overseas Pakistanis.
The Committee also discussed revised tax rates and decided to pend discussion till more information was received. Amendments in Federal Excise Tax 2005 and compliance of earlier directives will be discussed in the meeting to be held on Tuesday.
The Committee Chairman asked Law Division and FBR as well as the members to prepare a proposed draft on purchase and registration of property by non-filers.
Senator Farooq Hamid Naek headed the meeting at the Parliament House on Monday 24th September, and was joined by Senators Mohsin Aziz, Khanzada Khan, Anwar-ul-Haq Kakar, Haroon AKhtar Khan, Musadiq Malik, Mushahidullah Khan, Muhammad Ateeq Sheikh and Talha Mehmood.
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