ahlam1399
06-09-2017, 04:07 AM
ISLAMABAD: The Senate Thursday adopted 275 recommendations for the National Assembly for consideration and possible inclusion in the budget, including some key amendments to the Finance Bill 2017.
Appreciating the Senate Standing Committee on Finance and the recommendations, Finance Minister Ishaq Dar assured the Senate that he would try to accommodate maximum number of the proposals. Interestingly, the House had recommended strongly the restructuring of some important state entities, including Pakistan Steel Mills, Wapda, Pepco, PIA, Pakistan Railways and other state-owned enterprises.
These are 3 percent of the National Finance Award for the Fata, a special package of Rs20 billion to revive Karachi's infrastructure and boost development, realistic targets for the Federal Board of Revenue (FBR).
These recommendations have been sent to the National Assembly for consideration through amendments to the Finance Bill 2017. The Senate recommended that budget of Rs20 billion be allocated on emergency basis for construction of medium and small size dams as the water level has fallen drastically in Quetta, Pishin, Zhob, Sherani, Qila Saifullah, Ziarat, Harnai, Barkhan, Musakhel and Loralai districts of Balochistan.
The Senate has recommended that in order to widen the tax net, the procedure for submissions of tax returns be made simple; acquisition of NTN be made compulsory for current business class international travelers; extra tax be charged on the tickets of the business class international travelers who have **t submitted their tax returns and persons who have submitted the new returns be exempted from audit for a period of three years.
The Senate has recommended to the National Assembly that the inputs/outputs of educational stationery should be zero rated from sales tax under the Fifth Schedule to the Sales Tax Act 1990.
The House has recommended to the National Assembly that import of five-year reconditioned/old cars may be allowed, 50 percent tax on **n-filers be increased further by 10 percent, strict measures be taken to collect tax in real estate related business and brought under tax net and 0.2 percent advance tax on manufacturers from dealers/distributors/wholesalers from **n-filers, whereas 0.5 percent advance tax from retailers on sale of batteries shall be withdrawn.
The Senate recommended to the National Assembly that in order to make fertilizer available at reasonable prices, the GST on all types of fertilizers may be abolished or reduced. The Senate has recommended to the National Assembly that immediate and dedicated work should be started on the pending agreements of Pakistan-Iran on natural gas and electricity projects.
The House has recommended that PSDP should be reviewed and re-appropriated according to Article 156(2) of the Constitution in order to make appropriate allocation for completing the started projects in provinces.
The Senate has recommended to the National Assembly that the explanation may be inserted by amending Clause (2), sub-clause (1) of the Fiscal Responsibility and Debt Limitation Act, 2005: "Explanation -Total debt of the government is public debt less accumulated deposits of the federal and provincial governments with the banking system”.
The Senate has recommended that the tariff on agricultural tube-wells may be rationalised and uniform tariff be evolved to ensure enhanced agricultural productivity.
The Senate has recommended that the GST on the imported new combined harvester and planters may be abolished and duty and taxes should be zero rated on imported cool chain machinery/ equipment.
The House has recommended that duty and taxes on imported tractors should be zero rated; sales tax on supply of locally manufactured tractors be reduced from 5 percent to 2 percent and GST on locally manufactured diesel engine and custom duty and sales tax on its imported components may be abolished.
The Senate has recommended that the duty on import of grand/parent stock and hatching eggs may be reduced to 3 percent, import duty may be reduced to 3 percent on poultry feed additives (vitamins, premixes, enzymes etc.) in order to encourage poultry industry and exemption of sales tax on the poultry sector may be continued in order to encourage and providing incentives to the poultry sector.
The Senate has recommended that in order to encourage the dairy and livestock sector, the inputs cost sales tax should be reduced from 17 percent to 10 percent, sales tax should be exempted on veterinary medicines, 20 percent GST on the fish feed may be abolished and import duty on the fish fillet and frozen fish be increased to 30 percent in order to encourage the local fish industry.
The Senate has recommended that the customs duty of 20 percent on electric cigarettes and betel nuts be further increased by 10 percent.
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Appreciating the Senate Standing Committee on Finance and the recommendations, Finance Minister Ishaq Dar assured the Senate that he would try to accommodate maximum number of the proposals. Interestingly, the House had recommended strongly the restructuring of some important state entities, including Pakistan Steel Mills, Wapda, Pepco, PIA, Pakistan Railways and other state-owned enterprises.
These are 3 percent of the National Finance Award for the Fata, a special package of Rs20 billion to revive Karachi's infrastructure and boost development, realistic targets for the Federal Board of Revenue (FBR).
These recommendations have been sent to the National Assembly for consideration through amendments to the Finance Bill 2017. The Senate recommended that budget of Rs20 billion be allocated on emergency basis for construction of medium and small size dams as the water level has fallen drastically in Quetta, Pishin, Zhob, Sherani, Qila Saifullah, Ziarat, Harnai, Barkhan, Musakhel and Loralai districts of Balochistan.
The Senate has recommended that in order to widen the tax net, the procedure for submissions of tax returns be made simple; acquisition of NTN be made compulsory for current business class international travelers; extra tax be charged on the tickets of the business class international travelers who have **t submitted their tax returns and persons who have submitted the new returns be exempted from audit for a period of three years.
The Senate has recommended to the National Assembly that the inputs/outputs of educational stationery should be zero rated from sales tax under the Fifth Schedule to the Sales Tax Act 1990.
The House has recommended to the National Assembly that import of five-year reconditioned/old cars may be allowed, 50 percent tax on **n-filers be increased further by 10 percent, strict measures be taken to collect tax in real estate related business and brought under tax net and 0.2 percent advance tax on manufacturers from dealers/distributors/wholesalers from **n-filers, whereas 0.5 percent advance tax from retailers on sale of batteries shall be withdrawn.
The Senate recommended to the National Assembly that in order to make fertilizer available at reasonable prices, the GST on all types of fertilizers may be abolished or reduced. The Senate has recommended to the National Assembly that immediate and dedicated work should be started on the pending agreements of Pakistan-Iran on natural gas and electricity projects.
The House has recommended that PSDP should be reviewed and re-appropriated according to Article 156(2) of the Constitution in order to make appropriate allocation for completing the started projects in provinces.
The Senate has recommended to the National Assembly that the explanation may be inserted by amending Clause (2), sub-clause (1) of the Fiscal Responsibility and Debt Limitation Act, 2005: "Explanation -Total debt of the government is public debt less accumulated deposits of the federal and provincial governments with the banking system”.
The Senate has recommended that the tariff on agricultural tube-wells may be rationalised and uniform tariff be evolved to ensure enhanced agricultural productivity.
The Senate has recommended that the GST on the imported new combined harvester and planters may be abolished and duty and taxes should be zero rated on imported cool chain machinery/ equipment.
The House has recommended that duty and taxes on imported tractors should be zero rated; sales tax on supply of locally manufactured tractors be reduced from 5 percent to 2 percent and GST on locally manufactured diesel engine and custom duty and sales tax on its imported components may be abolished.
The Senate has recommended that the duty on import of grand/parent stock and hatching eggs may be reduced to 3 percent, import duty may be reduced to 3 percent on poultry feed additives (vitamins, premixes, enzymes etc.) in order to encourage poultry industry and exemption of sales tax on the poultry sector may be continued in order to encourage and providing incentives to the poultry sector.
The Senate has recommended that in order to encourage the dairy and livestock sector, the inputs cost sales tax should be reduced from 17 percent to 10 percent, sales tax should be exempted on veterinary medicines, 20 percent GST on the fish feed may be abolished and import duty on the fish fillet and frozen fish be increased to 30 percent in order to encourage the local fish industry.
The Senate has recommended that the customs duty of 20 percent on electric cigarettes and betel nuts be further increased by 10 percent.
http://feeds.feedburner.com/~r/com/cwEr/~4/RN6fnBJZjpo
أكثر... (http://feedproxy.google.com/~r/com/cwEr/~3/RN6fnBJZjpo/209578-Finance-Bill-2017-Senate-adopts-275-proposals-for-NA)