Skip to main content

Senate body proposes tax exemptions for FATA/PATA

ISLAMABAD: A senate body on Friday proposed the government to restore the tax exemptions given to industries in federally- and provincially-administered tribal areas before their merger into Khyber Pakhtunkhwa.The Senate Standing Committee on Finance and Revenue unanimously recommended restoration of the tax exemptions, which were being availed by FATA, PATA and Malakanddivision prior to 25th constitutional amendment that led to merger of the areas into Khyber Pakhtunkhwa, for five years.The committee, however, recommended that the exemption should be given only to the industries which are operational.On provision of tax exemption to the new industries to be established during the next five years, the committee decided that it would visit the areas in the first week of August and hold meetings with all the stakeholders, including local chambers of commerce and industries to determine criteria in the regard.Senator Farooq Naik presided over the meeting that was attended by senators Mohsin Aziz, Dilawar Khan, Khanzada Khan, Anwarul Haq Kakar, Fida Muhammad, Mian Muhammad Ateeq Shaikh, and Muhammad Iqbal, spokesman of the Federal Board of Revenue (FBR).FBR spokesman Iqbal said a notification was issued in 2004 under which ghee millers were levied 15 percent central excise duty (CED), while after the merger the CED was replaced with the federal excise duty, which is 16 percent. An additional Re1 per kilogram would also be collected from the ghee millers from July 1.Senators Fida Muhammad, Khanzada Khan and Dilawar Khan said the exemption being given to the industrialists of the areas prior to the merger should continue for the next five years.They said since the areas remained war-torn for the decades they need some time to become part of the mainstream areas and the exemptions should continue.A Law Division’s representative said FATA, PATA, and Malakand division would have taxation laws from July 1 that are applicable nationwide.The official said legal issues would surface if the committee’s recommendation is approved.The new notification will take at least two months to be issued.Mohsin Aziz stressed the need for providing concessional loans and building an industrial estate in FATA to facilitate the local people in establishing their businesses.Mian Ateeq asked the chair to direct the FBR to extend the last date of the amnesty scheme for at least one month as most of the businessmen are not prepared to takebenefit from the scheme due to lack of understanding.

from The News International - Business https://ift.tt/2lI0bkP
Labels:

Comments

Post a Comment

Popular posts from this blog

Sindh police chief takes notice over viral alleged aerial firing videos of DIG East’s son

Sindh Inspector General of Police (IGP) Ghulam Nabi Memon took notice after videos of aerial firing allegedly by the son of a high-ranking Karachi police official surfaced on Thursday. Videos shared on social media allegedly showed the son of Karachi East Deputy Inspector General of Police Azfar Mahesar firing a pistol and rifles into the air while travelling in a luxury car. In one such video, policemen were also purportedly visible. Footage of the alleged incidents went viral on social media. A statement issued today from the Sindh police said IGP Memon ordered an inquiry against the DIG East and directed Karachi’s additional IGP to carry out the investigation. The statement added that departmental action would be initiated upon the inquiry’s completion. It said the investigation would also probe whether the weapons used in the incident were officially issued or not. “No one will be allowed to spread fear and chaos like this,” IGP Memon vowed. Meanwhile, DIG Mahesar
Post a Comment
Read more

Casualties feared in Dir clashes between FC, intruding militants: reports

LOWER DIR: Casualties are feared on both sides as militants from Afghanistan reportedly attacked Frontier Corps (FC) personnel at multiple locations at the Pak-Afghan border in Maidan area of Lower Dir district on Saturday, as per unconfirmed reports. According to local residents and official sources, there were reports of militants’ infiltration from the Afghan side via the Shahi border area at Lamotai Top, Suripao and Safarai forest. However, the reports were yet to be confirmed by Inter Services Public Relations, the military’s media wing. On getting information about the alleged infiltration, troops of the paramilitary force, FC, led by Captain Yasin, Captain Asfandiar and Subedar Hamza, advanced to block the militants’ movement, as per reports. The militants allegedly attacked the troops, who also retaliated, thus prompting fears of casualties on both sides. The security forces surrounded alleged militants at three different locations. Later, gunship helicopters lau
Post a Comment
Read more

Family points finger at PPP MNA, two sons in journalist Nasrullah Gadani’s murder in Ghotki

SUKKUR: Slain journalist Nasrullah Gadani’s mother and two relatives have reiterated the allegation in statements recorded under Section 164 CrPC in a Mirpur Mathelo court that Pakistan Peoples Party’s MNA and his two sons had Nasrullah killed through their men. Ms Pathani Gadani, who was complainant in the case, and witnesses, Yaqoub Gadani and Salahuddin Gadani along with their counsel advocate Salahuddin Panhwar appeared before the second civil and first magistrate the other day and told him that PPP MNA Khalid Khan Loond, his sons, Shehbaz Loond, who was chairman of Mirpur Mathelo municipal committee, and Noor Mohammad Loond, had Nasrullah slain but the trio was so powerful that police had not dared include their names in the FIR. They appealed to the court to bring Nasrullah’s real killers to justice as per law and serve speedy justice to the bereaved family. Gadanis’ counsel Salahuddin Panhwar told media persons that the complainant and the witnesses had clearly stated t
Post a Comment
Read more