The federal cabinet which is scheduled to meet on Thursday (today) with Prime Minister Imran Khan in the chair will approve Income Tax Amendment Ordinance in the light of Supreme Court's decision. The Cabinet, sources said, will direct Auditor General of Pakistan (AGP) to conduct special audit of Urban Mass-Transit Systems of Punjab and KPK within two months.
The sources said, Cabinet will approve abolition of Capital Administration & Development Division on the recommendations of Cabinet Division. Prime Minister who is the incharge Minister of Cabinet Division has allowed submission of summary to the Cabinet. The Cabinet will also approve transfer of health related assets & setups from ICT Administration to Ministry of National Health Services, Regulations & Coordination, Interior Division.
Ministry of Interior has approved constitution of Task Force to streamline the Regulatory Regime at implementation level. The Cabinet will approve appointment of new Chairman Board of Investment (BoI) as this position is vacant after Naeem Zamindar.
The Cabinet will also approved establishment of Assets Recovery Unit in Cabinet Division to recover plundered money from abroad. Officials from the State Bank of Pakistan, Federal Board of Revenue (FBR), National Accountability Bureau (NAB), Federal Investigation Agency (FIA) and intelligence agencies are new members of this newly constituted unit.
Unconfirmed reports suggest that the cabinet will also approve a number of revenue enhancement measurers recommended by the Federal Board of Revenue including withdrawal of income tax incentives given by the former government to employees in the federal budget 2018-19.
A list of around 600-700 tariff lines have been identified for which Regulator Duty would be increased with projected additional collection of $ 1.1 billion, which will help reduce trade deficit.
The government has also prepared a plan to increase exports from $ 3.5 billion to $ 4 billion during the current fiscal year through policy measurers. The sources said the government will also approve rationalisation of 400 tariff lines besides continuing Prime Minister's export incentive package for the next three years.
Government, sources said, can fix electricity tariff at Rs 9-10 per unit for industry by removing cross subsidies. There is also a proposal that gas (local +LNG) be provided to industry on average price and to exempt industry from load shedding. "New electricity connections to industrial units would be within one month and lifting of moratorium on local gas in Sindh and KP and resolving GIDC issue is also on the agenda of the incumbent government, "the sources maintained.
Domestic industry maintains that payment of sales tax refunds are expected within 100 days would provide $ 2 billion liquidity to exporters whereas refunds of Drawbacks of Local Taxes and Levies (DLTL), approved in accordance with the Prime Minister's export package, will be released within 30 days. The revenue enhancement measures and other tax related matters will be tabled before the National Assembly within next few days.
The cabinet will also accord approval of special audit of all Urban Mass-Transit Amendment in Rule 12(1) (a) (ii) of Pakistan Navy Rules 1961, as well as ratification of decisions taken by the Economic Coordination Committee (ECC) of the Cabinet in its September 10, 2018 meeting.
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