ahlam1399
06-06-2017, 07:45 AM
ISLAMABAD: The Senate Standing Committee on Finance on Monday asked the government to allow attachment of bank accounts only with prior approval of FBR’s concerned member, imposition of Federal Excise Duty (FED) on ghee manufacturers in FATA/PATA through **tification issued by the FBR and slapping Regulatory Duty (RD) on items affecting under Free Trade Agreement (FTA) with China.
The Senate Standing Committee held its meeting under the Chairmanship of Senator Saleem Mandviwalla here at the Parliament House on Monday firmed up recommendations for presenting into the Upper House of Parliament which will be forwarded to National Assembly for making it part of budget 2017-18.
The Senate Panel will hold in camera meeting today (Tuesday) to give final shape to its recommendation report before tabling it before the Upper House of Parliament.
On the issue of attachment of bank accounts by the FBR, the Chairman of Senate Panel Saleem Mandviwalla said at present the situation had worsen to the extent that people had started closing down their business accounts and making pay orders in a fear that if money was in their accounts till June 30, FBR would attach the accounts and take hold of the money. “We recommend that bank accounts attachment should only be done with the prior approval of the member concerned”, he added.
The Panel also recommended that those selected for audit in one year must be exempted from audit for the next year after a member complained of being selected for the audit in the second consecutive year. FBR’s Member Inland Revenue (Policy) Dr Muhammad Iqbal said that FBR assured the committee that they would consider this proposal at time of finalising audit policy next time.
Representative of Sarhad Chambers of Commerce & Industry Haji Mohammad Afzal and others told the committee that there were 26 ghee units located in KP but 14 were closed down and 12 were still operating. They asked the government to impose taxes similar to ghee factories of KP level into FATA/PATA or grant exemptions to factories of KP as well as otherwise all factories in settled areas would be forced closure.
After heated debate, the FBR and Law Division consulted with them and it was decided that the FED would be extended to FATA/PATA areas through **tification issued by the FBR so that level playing field could be given to all units either located in KP or in FATA/PATA.
The issue of RD on FTA with China came to the light during the meeting of Senate Standing Committee on Finance while discussing taxation structure on wires and cables here on Monday at the Parliament House.
FBR Member Inland Revenue Policy Dr Muhammad Iqbal said that despite opposition of certain quarters the FBR has imposed RD on items imported under the FTAs. We have pointed out the Ministry of Commerce that Pakistan is getting **thing in return of FTA with China. We are trying to impose RDs on items being imported under the FTAs.
Chairman Finance Committee Saleem Mandviwalla stated that the China-Pakistan Eco**mic Corridor (CPEC) does **t mean that domestic industries are shutdown.
The representatives of wires and cables said that the wires and cables are imported at a lower rate of 5 percent duty under FTA. Responding to this, Mandviwalla recommended that RD should be imposed on import of wire and cables under FTA. K-Electric has imported wire/cables of Rs 4 billion at low rates of duties and taxes. Similarly, wires/cables are being imported under the FTA.
Former FBR Chairman Abdullah Yusuf informed the committee that rate of duty be reduced from 11 percent to 3 percent on the import of raw materials used in the manufacturing of aluminum beverage cans.
The representatives of Engro Foods informed that both the profitability and volumes of the company have came down due to changes in taxation structure for diary industry. Packaged milk industry has suffered both in terms of volumes and profits. Two factories in Sahiwal and Sukkar are working below 50 percent capacity.
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The Senate Standing Committee held its meeting under the Chairmanship of Senator Saleem Mandviwalla here at the Parliament House on Monday firmed up recommendations for presenting into the Upper House of Parliament which will be forwarded to National Assembly for making it part of budget 2017-18.
The Senate Panel will hold in camera meeting today (Tuesday) to give final shape to its recommendation report before tabling it before the Upper House of Parliament.
On the issue of attachment of bank accounts by the FBR, the Chairman of Senate Panel Saleem Mandviwalla said at present the situation had worsen to the extent that people had started closing down their business accounts and making pay orders in a fear that if money was in their accounts till June 30, FBR would attach the accounts and take hold of the money. “We recommend that bank accounts attachment should only be done with the prior approval of the member concerned”, he added.
The Panel also recommended that those selected for audit in one year must be exempted from audit for the next year after a member complained of being selected for the audit in the second consecutive year. FBR’s Member Inland Revenue (Policy) Dr Muhammad Iqbal said that FBR assured the committee that they would consider this proposal at time of finalising audit policy next time.
Representative of Sarhad Chambers of Commerce & Industry Haji Mohammad Afzal and others told the committee that there were 26 ghee units located in KP but 14 were closed down and 12 were still operating. They asked the government to impose taxes similar to ghee factories of KP level into FATA/PATA or grant exemptions to factories of KP as well as otherwise all factories in settled areas would be forced closure.
After heated debate, the FBR and Law Division consulted with them and it was decided that the FED would be extended to FATA/PATA areas through **tification issued by the FBR so that level playing field could be given to all units either located in KP or in FATA/PATA.
The issue of RD on FTA with China came to the light during the meeting of Senate Standing Committee on Finance while discussing taxation structure on wires and cables here on Monday at the Parliament House.
FBR Member Inland Revenue Policy Dr Muhammad Iqbal said that despite opposition of certain quarters the FBR has imposed RD on items imported under the FTAs. We have pointed out the Ministry of Commerce that Pakistan is getting **thing in return of FTA with China. We are trying to impose RDs on items being imported under the FTAs.
Chairman Finance Committee Saleem Mandviwalla stated that the China-Pakistan Eco**mic Corridor (CPEC) does **t mean that domestic industries are shutdown.
The representatives of wires and cables said that the wires and cables are imported at a lower rate of 5 percent duty under FTA. Responding to this, Mandviwalla recommended that RD should be imposed on import of wire and cables under FTA. K-Electric has imported wire/cables of Rs 4 billion at low rates of duties and taxes. Similarly, wires/cables are being imported under the FTA.
Former FBR Chairman Abdullah Yusuf informed the committee that rate of duty be reduced from 11 percent to 3 percent on the import of raw materials used in the manufacturing of aluminum beverage cans.
The representatives of Engro Foods informed that both the profitability and volumes of the company have came down due to changes in taxation structure for diary industry. Packaged milk industry has suffered both in terms of volumes and profits. Two factories in Sahiwal and Sukkar are working below 50 percent capacity.
http://feeds.feedburner.com/~r/com/cwEr/~4/piDzGofpcKs
أكثر... (http://feedproxy.google.com/~r/com/cwEr/~3/piDzGofpcKs/208898-Senate-body-finalises-recommendations-for-sending-to-Upper-House)