Amendments made in Finance Bill 2016: FED exempted on chartered flight services for armed forces

The amendments made in the Finance Bill 2016 here on Wednesday revealed exemption of Federal Excise Duty (FED) on chartered flight services used by or for armed forces to move troops or equipment. Following amendments have been introduced in the Finance Bill 2016.
Sales Tax:
1 Amendment in Section 47A - Alternate Dispute Resolution.
2 Exemption to PIA on import of Aircraft with effect from 19th March, 2015.
3 Sales tax on agricultural tractors reduced from 10 % to 5%.
4 Reduced rate of 7% introduced on Laser land leveller.
5 Reduced rate of 5% introduced on Set top boxes of TV & internet.
6 Reduced rate of 5%on import of milk chillers, Tabular heat exchanger, milk processing plant, milk spray drying plant, milk UHT plant, milk filters, any other machinery and equipment for manufacturing of dairy products if importer is registered with Pakistan Dairy Association.
Income Tax:
1 The definition of income for the purpose of super tax is changed to abstain adjustment of unabsorbed depreciation and brought forward losses.
2 Formula for credit u/s 65D and 65E is rationalised.
3 Commissioner is barred from determining Fair market value of immovable property. The same will be determined by panel of approved valuers of SBP.
4 Foreign trust removed from definition of company in contrast to proposal in FB 16.
5 Notice u/s 114(5) may be issued to a person in respect of previous 10 tax years if return of anyof last five years has not been filed.
6 Amendment in section 134A - Alternate Dispute Resolution.
7 No recovery notice u/s 140 shall be issued if the appeal is pending before commissioner appeals, provided that 25% of demand has been paid.
8 Income Tax shall not be withheld from payments made to a Permanent establishment of a non-resident person on account of goods supplied by importer of goods in the same condition as imported and tax u/s 148 has been paid at import stage.
9 Adjustability of excess tax collected from non filers under FTR, as proposed in FB 16, is restricted to relevant tax year only.
10. Section 236E omitted, meaning abolishment of advance tax on foreign produced TV plays and serials.
11 Capital gain from sale of immoveable property to Rental REIT shall be taxed at 5% upto 30th June, 2019, irrespective of holding period.
12. Income Tax withholding rate on payments to non residents on account of contracts shall be 7% for filer and 12% for non filer.
13. Amendment in amount of taxes to be collected by PEMRA of permission fee or renewal fee by channels.
14. Limit for gratuity to be exempted from income exceeded from 200,000 to 300,000.
15. Exemption to Gwadar free zone extended for 23 years from 1 July, 2016.
16. 2% reduction in tax rate for listed company if the company is shariah-compliant, manufacturing concern, declared taxable income for last 3 consecutive years and issued dividend for last 5 consecutive years.
17 Section 148 shall not be applied on import of ships etc up to TY 2020 provided that the ships are used for the purposed for which these are procured;
18 Section 148 shall not be applied to PIA on import of Aircraft etc eith effect from 19 March, 2015.
Federal Excise Duty:
1 Amendment in section 38 - Alternate Dispute Resolution
2 FED on chartered flight services used by or for armed forces to move troops or equipment is exempted.