ISLAMABAD: The Senate has made 128 recommendations to the National Assembly for legal changes and amendments in the Finance Bill, 2024, including the restoration of certain exemptions and reduced tax rates on essential commodities, goods, and services.
The Senate sent the proposals to the National Assembly on the recommendation of the Standing Committee on Finance, here on Monday.
The Standing Committee on Finance finalised the recommendations after a daylong session of the committee held at the Parliament House.
A total of 128 recommendations have been made regarding the new Finance Bill 2024.
The Senate has recommended making transactions above Rs35,000 mandatory through credit and debit cards. It recommended the withdrawal of sales tax on eight stationery items. It recommended printing prices on all items sold in the market.
The Senate suggested a tax on agricultural income. It asked identification of organisations receiving tax exemptions in the name of charities.
The Senate has recommended for immediate recruitment on merit for 5,000 vacant posts in the Federal Board of Revenue (FBR). It suggested 100 per cent additional allowance to disabled employees.
The Senate has recommended withdrawal of five per cent additional tax on corporate debit card transactions. It recommends the elimination of double taxation on IT companies. It suggested withdrawing additional tax on mobile phones.
The Senate recommended withdrawing proposal for the imposition of sales tax on poultry feed. It recommended one percent tax on their rental income instead of a one percent tax on the value of overseas property. It also recommended increasing the annual credit card limit from $30,000 to $50,000.
The Senate recommended formulating a mechanism of cheap petrol to provide relief to motorcyclists. It suggested the withdrawal of 10 per cent GST proposal on newsprint. It recommended sales tax exemption on medical equipment and drugs to charitable hospitals.
The Senate has recommended starting a special programme for the youth of Balochistan. It recommended tax exemption on local supply in FATA and PATA till 30 June 2025. It also recommended restoring tax regime of the Finance Act 2019 for the construction sector.
The Senate suggested for abolition of tax imposed on the construction sector. It recommended starting one-window operation for the promotion of investment by overseas Pakistanis. It also recommended abolishing the law of blocking companies’ accounts without notice.
Copyright Business Recorder, 2024