ISLAMABAD: The Senate Standing Committee on Finance on Friday rejected proposed tax exemption to the political parties.

During review of the Finance Bill 2021, the Senate Standing Committee on Finance has also rejected all types of increase in employees’ taxation through withdrawal of exemptions.

The FBR high-ups explained each and every clause of the Finance Bill 2021 before the members of the Senate Standing Committee on Finance which met here at the Parliament House on Friday.

Senator Saleem Mandiwalla said that he was receiving calls that the political parties obtained exemption in the budget but they do not require any such favor. The FBR decided to review this exemption clause in finalization of budget process.

The Senate panel rejected all proposals on the withdrawal of tax exemptions on allowances for employees in the budget.

Meanwhile, FBR sources said that neither the Political Parties are filing any income tax returns now the FBR ever asked for it and now the FBR has provided legal cover to it. We have decided to review it, they added.

Copyright Business Recorder, 2021