Senate Standing Committee on Finance, Revenue, and Economic Affairs in its meeting discussed the amendments in Customs Act 1969, Sales Tax Act 1990, Income Tax Ordinance 2001, as part of the Finance Supplementary (Amendment) Bill, 2018. The meeting was chaired by Senator Farooq Hamid Naek here at the Parliament House on Monday and was attended among others by Senators Mohsin Aziz, Khanzada Khan, Anwar-ul-Haq Kakar, Haroon AKhtar Khan, Musadiq Malik, Mushahidullah Khan, Muhammad Ateeq Sheikh and Talha Mehmood.
The Committee was given briefing by Federal Board of Revenue regarding the amendments proposed in the finance bill. The Committee was told that the intention behind readjustment of custom and general sales duties on raw materials is giving benefit to and flourishing the local industry by. The Committee members expressed concerns on proposing removal of bar on buying property and vehicles on non-filers. The Committee was told that the 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. It was told that the government is in process of developing a mechanism to address the issue and take measures to broaden the tax net. The Committee Chairman asked Law Division and FBR as well as the members to come up with proposed draft on purchase and registration of property by non-filers.
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.