Govt to present Finance Supplementary Bill in NA for approval
Federal Finance Minister Asad Umar had laid the bill before the NA on Jan 23, 2019.
ISLAMABAD (Dunya News) – The government is set to present the proposed amendments in the Finance Supplementary (Second Amendment) Bill 2019 for approval in the National Assembly (NA) on Wednesday (today).
In this regard, Prime Minister (PM) Imran Khan is scheduled to preside over a parliamentary meeting in Islamabad to devise an effective plan ahead of presenting the proposed amendments in the NA as the opposition leaders are anticipated to stage a strong protest against the government on certain matters.
Federal Finance Minister Asad Umar had laid the second Finance Amendment Bill 2019 before the National Assembly on January 23, 2019, a mere four months and five days after he introduced the first finance supplementary amendment bill 2019 to the lower house on 19 September 2018.
Earlier, Senate Standing Committee on Finance has completed its debate on the bill and the Senate has approved its recommendations. Today, the government is likely to table the bill in the NA.
The government has been claiming that it is a package of policies designed to boost the economy. Since then, a number of amendments have been added to the original finance bill in its passage through the Senate.
The salient features of the propose amendments include reduced taxes on agricultural loans, introduction of Rs5 billion revolving fund for interest-free loans, elimination of withholding tax for filers on banking transactions, allowance to purchase locally manufactured vehicles until 800cc instead of 1300cc for non-filers of returns. However, government is of the view that allowing of cars until 1300cc will help boost industrial production in the country.
It was also recommended to revise the value of the Rs300 per kilogram tax imposed on the tobacco sector to its former value on the plea that the increase has devastated local growers, manufacturers and small enterprises.
The customs duty has also been proposed to be enhanced by Rs15,000 per metric tonne on Crude Degummed Soy Oil in order to bring it in line with its replacement products and support local production.
The Senate also recommended lower tax rates on coal extraction in the province of Baluchistan and release of Rs5 billion until June 2019 for construction of check and small dams in the province.
It was also recommended to scale down duty on raw plastic in order to discourage import of bad plastic grains in the country. The Senate also recommended the government to take immediate measures for broadening the tax net substantially and increase the total number of filers during the year.
Moreover, other recommendations are related to release of funds for construction of roads, small dams, power supply and other development projects across the country.
