The Law and Justice Division has vetted the Presidential Ordinance to introduce new taxation measures before federal budget 2013-14. Sources told Business Recorder that the process of vetting the Finance Ordinance has been completed.
If the Finance Ordinance has been signed and subsequently promulgated, it would cover new taxation measures of sales tax, income tax, withholding tax, federal excise duty and customs duty. So far, the draft of the Finance Ordinance has been finalised in consultation with the Ministry of Finance. Presidential Ordinance contains revenue generation measures of direct taxes, sales tax and federal excise duty.
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