NA Finance Committee recommends Urea import through private sector
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.
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