Sunday, September 25, 2022

Bar on buying property, vehicles removed on non-filers due to legal hiccup, Senate body told


ISLAMABAD: Senate Standing Committee on Finance, Revenue, and Economic Affairs has been told that the purpose behind removing the bar on buying property and vehicles on non-filers is the legal hiccup in the implementation of this decision.

The decision does not specify measures for issues of inheritance, criteria for pensioners and overseas Pakistanis, the body was told in a meeting after the committee members expressed concerns on proposing the removal of bar on non-filers.

It was told that the government was in process of developing a mechanism to address the issue and take measures to broaden the tax net.

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The senate body in its meeting discussed the amendments in Customs Act 1969, Sales Tax Act 1990, Income Tax Ordinance 2001, as part of the Finance Supplementary (Amendment) Bill, 2018.

The meeting was chaired by Senator Farooq Hamid Naek here at the Parliament House and was attended among others by Senators Mohsin Aziz, Khanzada Khan, Anwar-ul-Haq Kakar, Haroon AKhtar Khan, Musadiq Malik, Mushahidullah Khan, Muhammad Ateeq Sheikh and Talha Mehmood.

The committee chairman asked the Law Division and the Federal Board of Revenue (FBR) as well as the members to come up with proposed draft on purchase and registration of property by non-filers.

The committee was given briefing by the FBR about the amendments proposed in the finance bill. The committee was told that the intention behind readjustment of custom and general sales duties on raw materials was giving benefit to and flourishing the local industry by.

The Senate body also discussed revised tax rates and decided to pend discussion till more information was received. Amendments in Federal Excise Tax 2005 and compliance of earlier directives will be discussed in the meeting to be held on Tuesday.


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