Skip to main content

20-year exemption on income tax in Gwadar, FBR tells Senate body


Committee okays omission of advance tax on education-related expenses, 100pc FED on imported cigarettes and 25pc FED on caffeinated drinks

https://profit.pakistantoday.com.pk/2020/06/19/20-year-exemption-on-income-tax-in-gwadar-fbr-tells-senate-body/

ISLAMABAD: As members of the Senate’s Standing Committee on Finance had expressed resentment over the lack of the information shared with them regarding tax exemptions in Gwadar during an earlier meeting, the Federal Board of Revenue (FBR) on Friday informed that the exemption of income tax in Gwadar was for 20 years.

The senators on Wednesday had expressed displeasure after Maritime Affairs Secretary Rizwan Ahmed refused to share copies of contracts pertaining to Gwadar Port, terming them “confidential”. They had also outrightly rejected Gwadar Port’s “40 years tax exemption on specific names of companies, their contractors and sub-contractors”.

The committee had sought a list of contractors and sub-contractors working at Gwadar Port from the Ministry of Maritime Affairs in order to discuss related matters during an in-camera meeting.

Meanwhile, in Friday’s meeting, chaired by Senator Farooq Hamid Naek, the standing committee took up the Finance Bill 2020, containing the annual budget statement presented in the House last Friday. The review of the Income Tax Ordinance, 2001, and Federal, Excise Provisions of Finance Bill, 2020, was completed, whereas amendments recommended by the committee in the Public Finance Management Act 2019 were also carried out. 

The committee approved an amendment in the Finance Bill 2020, wherein the exemption of taxes was sought for co-developers of the Special Economic Zones (SEZs).

It also deliberated upon the restriction on profit deduction on debt payable to associated enterprises. Agreements for the avoidance of double taxation and prevention of fiscal evasion were discussed in detail. 

The committee appreciated the measures taken by the FBR to deal with the vast consequences of the coronavirus pandemic. They also lauded the omission of advance tax collection from dealers/commission agents etc. by market committees.

“This is an important measure to promote agriculture in the country,” the chair remarked. 

Among other important decisions during the meeting, the committee approved the omission of advance tax on education-related expenses, increase in FED from 13pc to 25pc on caffeinated drinks, and 100pc FED on imported cigarettes, cheroots, cigarillos, cigars of tobacco and tobacco substitutes.

However, the committee strongly rejected the amendments to the ‘Taxpayers Profile, Appeal to Appellate Tribunal, Offences and Penalties and Power to enter and search premises. Clauses related to real-time access to information and databases were also disapproved on the occasion.

The meeting was attended by Senators Mohsin Aziz, Zeeshan Khanzada, Musadik Masood Malik, Mian Ateeq Sheikh, Talha Mehmood and Ayesha Raza Farooq.

Comments

Popular posts from this blog

SSG Commando Muddassir Iqbal of Pakistan Army

“ Commando Muddassir Iqbal was part of the team who conducted Army Public School operation on 16 December 2014. In this video he reveals that he along with other commandos was ordered to kill the innocent children inside school, when asked why should they kill children after killing all the terrorist he was told that it would be a chance to defame Taliban and get nation on the side. He and all other commandos killed children and later Taliban was blamed.
Muddassir Iqbal has deserted the military and now he is  with mujahedeen somewhere in AF PAK border area”
For authenticity of  this tape journalists can easy reach to his home town to interview his family members or   ISPR as he reveals his army service number”
Asalam o Alaikum: My name is Muddassir Iqbal. My father’s name is Naimat Ali. I belong to Sialkot divison (Punjab province), my village is Shamsher Poor and district, tehsil and post office  Narowal. Unfortunately I was working in Pakistan army. I feel embarrassed to tell you …

CPEC Jobs in Pakistan, salary details

JOBS...نوکریاں چائنہ کمپنی میںPlease help the deserving persons...Salary:Salary package in China–Pakistan Economic Corridor (CPEC) in these 300,000 jobs shall be on daily wages. The details of the daily wages are as follows;Welder: Rs. 1,700 dailyHeavy Duty Driver: Rs. 1,700 dailyMason: Rs. 1,500 dailyHelper: Rs. 850 dailyElectrician: Rs. 1,700 dailySurveyor: Rs. 2,500 dailySecurity Guard: Rs. 1,600 dailyBulldozer operator: Rs. 2,200 dailyConcrete mixer machine operator: Rs. 2,000 dailyRoller operator: Rs. 2,000 dailySteel fixer: Rs. 2,200 dailyIron Shuttering fixer: Rs. 1,800 dailyAccount clerk: Rs. 2,200 dailyCarpenter: Rs. 1,700 dailyLight duty driver: Rs. 1,700 dailyLabour: Rs. 900 dailyPara Engine mechanic: Rs. 1,700 dailyPipe fitter: Rs. 1,700 dailyStorekeeper: Rs. 1,700 dailyOffice boy: Rs. 1,200 dailyExcavator operator: Rs. 2,200 dailyShovel operator: Rs. 2,200 dailyComputer operator: Rs. 2,200 dailySecurity Supervisor: Rs. 2,200 dailyCook for Chinese food: Rs. 2,000 dailyCook…

A ‘European Silk Road’

publication_iconPhilipp HeimbergerMario Holznerand Artem Kochnevwiiw Research Report No. 430, August 2018 
43 pages including 10 Tables and 17 FiguresFREE DOWNLOAD
The German version can be found here.In this study we argue for a ‘Big Push’ in infrastructure investments in greater Europe. We propose the building of a European Silk Road, which connects the industrial centres in the west with the populous, but less developed regions in the east of the continent and thereby is meant to generate more growth and employment in the short term as well as in the medium and long term.After its completion, the European Silk Road would extend overland around 11,000 kilometres on a northern route from Lisbon to Uralsk on the Russian-Kazakh border and on a southern route from Milan to Volgograd and Baku. Central parts are the route from Lyon to Moscow in the north and from Milan to Constanţa in the south. The southern route would link Central Europe with the Black Sea area and the Caspian Sea litto…