NA Finance Com­mit­tee rec­om­mends Urea im­port through pri­vate sec­tor

Pakistan Observer - - ECONOMY WATCH - IS­LAM­ABAD—The


Na­tional Assem­bly Stand­ing Com­mit­tee on Finance, Rev­enue, Tues­day, rec­om­mended that im­port of Fer­til­izer (Urea) should be opened for pri­vate sec­tor, im­me­di­ately to re­lief the farm­ers. It was also rec­om­mended that sub­sidy on DAP (Fer­til­izer) should be main­tained @ Rs. 500 in­stead of Rs. 250. The Com­mit­tee also rec­om­mended that this dif­fer­en­tial in in­come tax may be re­duced to 4% in­come tax as fi­nal tax on im­port of raw ma­te­ri­als by the com­mer­cial im­porters and 2 % ad­justable in­come tax on im­port of raw ma­te­rial by the in­dus­try.

NA Com­mit­tee met here with Qaiser Ah­mad Sheikh in the chair to dis­cuss dif­fer­ent agenda items and rec­om­mended that 10.5 % ex­cise duty should be main­tained on Car­bon­ated Soft Drinks (CSD). While con­sid­er­ing the mat­ter per­tain­ing to Tex­tile In­dus­try for zero rat­ing. Mem­ber (IR-Pol­icy), FBR stated that a Com­mit­tee has been con­sti­tuted by the Fed­eral Board of Rev­enue (FBR) to re­solve anom­aly of busi­ness­man. There­fore, it was rec­om­mended to the Tex­tile In­dus­try rep­re­sen­ta­tives for sub­mis­sion of their pre­sen­ta­tion in Anom­aly Com­mit­tee of the FBR for ad­dress­ing the griev­ances.

While con­sid­er­ing the mat­ter with re­gard to fix­a­tion of in­come tax on com­mer­cial and in­dus­trial im­porters. A rep­re­senta- tive from Karachi Cham­ber of Com­merce & In­dus­try re­quested that a level play­ing field should be pro­vided to both com­mer­cial im­porters & in­dus­trial im­porters and there must be rea­son­able dif­fer­en­tial of in­come tax be­tween them, presently 6 % fix with­hold­ing tax is im­posed on com­mer­cial im­porters and in­dus­trial im­porters are sub­ject to nor­mal tax­a­tion with min­i­mum 1 % on turnover. Some in­dus­tries mis­use this fa­cil­ity. In this bud­get au­dit­ing of in­dus­tries is sug­gested, which will not re­solve the mat­ter, rather it will cre­ate cum­ber­some prob­lems and de­lays.

The Com­mit­tee was in­formed by the mem­bers that the of­fi­cers/of­fi­cials from var­i­ous Min­istries have re­quested that Assem­bly Busi­ness is be­ing con­ducted by the rel­e­vant sec­tions be­yond of­fice hours with­out any ad­di­tional fi­nan­cial ben­e­fit and com­pen­sa­tion. They de­manded that some fi­nan­cial ben­e­fits at par with of­fi­cers of the Na­tional Assem­bly/Se­nate may be given to the of­fi­cers/of­fi­cials work­ing in Min­is­ter’s Of­fice, Fo­cal Per­son i.e Joint Sec­re­tary (Ad­min) of the Min­istry and Sec­tion Of­fi­cers (Coun­cil). The mem­bers fur­ther in­formed the Com­mit­tee that said pro­posal has al­ready been rec­om­mended by the four Fed­eral Min­is­ters that 100% of the run­ning Ba­sic Pay may be granted to the of­fi­cers and staff of the above con­cerned Sec­tions & Of­fices in or­der to en­hance the per­for­mance of the Par­lia­men­tary Busi­ness.

IS­LAM­ABAD: Finance Min­is­ter Se­na­tor Muham­mad Ishaq Dar chair­ing ECC meet­ing at PM of­fice.

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