AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)

National Assembly Standing Committee on Finance has recommended seven key amendments in Finance Bill 2016 for changes in duties and taxes structure, tariff rationalisation and continuation of sales tax zero-rating regime for dairy sector to avoid increase in prices of packaged milk from Rs 6-8 per litre.
Sources told Business Recorder here on Sunday that the recommendations of National Assembly Standing Committee on Finance have been forwarded to Ministry of Finance and Federal Board of Revenue (FBR) for amendments in the Finance Bill 2016. The committee has also asked the Finance Ministry and FBR to submit the implementation status of the said recommendations.
The final recommendations of the National Assembly Standing Committee on Finance, pertaining to the tax rates, submitted to the Ministry of Finance are:
Firstly, sales tax zero-rating on dairy and milk products should be maintained.
Secondly, customs duty should be reduced on anomaly in fixation of customs duty slab on raw material, Phthalic Anhydride, HS Code 2917.3500 from 16 to 11 percent to give a level playing field.
Thirdly, a level playing field should be provided to the commercial importers and local manufacturers and there must be a reasonable differential of income tax between them so that the industries cannot misuse commercial entrepreneurs, who supply imported raw materials to industry, so that it could flourish.
Fourthly, sales tax should be exempted on agricultural machinery and implements.
Fifthly, rice export should be maintained on zero-rating and sales tax exemption should be provided on the import of machinery. The rice being second largest export sector has been badly hit for last two years. It will boost exports and agriculture sector,
Sixth, increase of excise duty (55 paisa per kg) on cement industry may be reviewed.
Seventh, educational stationary should continue to be zero-rated from sales tax under the Fifth Schedule of the Sales Tax Act 1990 and their inputs should be zero-rated from customs duty by placing the items in Chapter 99 of Pakistan Customs Tariff or, in the Fifth Schedule to the Customs Act.

Copyright Business Recorder, 2016

Comments

Comments are closed.