President gives assent to Finance Bill 2014-15

ISLAMABAD: President Mamnoon Hussain has approved the Finance Act 2014-15, which will come into effect from today (Thursday), ARY News reported.

All the suggestions mooted in the budget are to be implemented from today. The budget proposals included import and export duties, regulatory duty on luxurious items and imposition of 5% sales tax on different items.

Under the finance act, the application of new taxes of Rs 246 billion will also start from today.

The National Assembly on June 21 had approved the Finance Bill 2014-15 in its session. The house also approved amendment in the Finance Bill, giving FATA tax concession till 2019. While eight amendments proposed by the opposition were rejected.

The amendment to withdraw gas infrastructure development cess was also rejected by the treasury benches. Dar said GIDC was a federal government’s tax, hence it could not be withdrawn. He said loans were necessary to cover up the budget deficit.