ISLAMABAD – The National Assembly on Wednesday passed the Finance Supplementary (Second Amendment) Bill, 2019 aimed at amending tax laws with opposition staging protest against the move.
Minister for Finance, Revenue and Economic Affairs Asad Umer moved a motion for consideration of the bill which was passed by the House. Later, the House considered the amendments proposed by the lawmakers and decided them through voice voting.
The amendments moved by Minister for Finance were approved while a PTI lawmaker Riaz Fityana withdrew his amendment regarding decrease in interest of agricultural loans. The Finance Minister assured him to look into the matter.
The amendments proposed by PML-N lawmakers Nisar Ahmed Cheema and Dr. Aisha Ghaus Pasha, PPPP MNA Abdul Qadir Patel and MMA legislator Moulana Abdul Akbar Chitrali were rejected. Other amendments of PPPP lawmaker Nafeesa Shah, PTI MNA Sardar Talib Hassan Nakai were not considered by the House due to their absence.
In his concluding speech on the Finance Supplementary (Second Amendment) Bill, 2019, the Minister for Finance said that this bill was not aimed to generate revenue but its purpose was to bring improvement in economic situation, ensure friendly environment for investors and create more opportunities for industries. “ It was the reform bill,” he added.
The Opposition protested on floor of the House during the consideration of the bill and later it walked out from the proceedings. Opposition parties also started offering prayer in front of the speaker’s desk though there is a separate prayer place in the National Assembly.
Highlights of the Bill
As per the bill, the import of plant and machinery by green field industrial projects has been exempted from customs duty while firefighting equipment for special economic zones will be exempted from customs duty and advanced income tax.
Moreover, sales tax refunds shall be liquidated through promissory notes or bonds by FBR.
Other important aspects of the finance bill are as under:
• Proposed bonds shall be issued by FBR Refund Settlement Company
• Non-filers will be allowed to purchase locally manufactured vehicles irrespective of engine capacity
• Measures will be taken to address concerns of local manufacturers of motor vehicles
• To encourage green field projects, business income will be exempted for 5 years
• Industrial under-linings proposed for the minimum tax of their turnover
The bill also proposed to exempt advance tax on profit payed on ‘Pakistan Banao’ certificates, ‘Sarmaya Pakistan Limited’ and duty drawback bonds
