Senate Forwards 156 Recommendations For Incorporating In Finance Bill 2018-19

Senate forwards 156 recommendations for incorporating in Finance Bill 2018-19

The Senate's Committee on Finance, Revenue and Economic Affairs Wednesday forwarded 156 recommendations to the National Assembly for incorporating in the Finance Bill 2018-19

ISLAMABAD, (UrduPoint / Pakistan Point News - 9th May, 2018 ) :The Senate's Committee on Finance, Revenue and Economic Affairs Wednesday forwarded 156 recommendations to the National Assembly for incorporating in the Finance Bill 2018-19.

The chairman of the committee, Farooq H Naek, presented the recommendations in the Senate, which were adopted by the House unanimously. It was suggested that the Senate's suggestions should be sought at least three months before finalization of the budget for inclusion of their schemes in the Public Sector Development Programme (PSDP).

Allocation in the PSDP for the provinces should be placed before the Senate at least two months before the finalisation of the budget. The Senate body proposed to increase income tax rates of salaried class, who earn Rs 12,00,000 to Rs 24,00,000 per annum from 5 percent to 10 percent.

The slab for Rs 24,00,000 to Rs 48,00,000 tax rates may be increased to 15 percent and for Rs 48,00,000 to 25 percent. The tariff on import of skimmed Milk Powder (SMP) should be increased from 45 percent to 50 percent.

General Sales Tax exemptions imposed on the import of Fish babies / seedings should be decreased from 20 percent to 5 percent. The regulatory duty on fish fillet and frozen fish should be increased from 45 percent to 60 percent.

The Senate proposed that the concessions on agriculture machinery announced in budget 2016-17 should be continued. Interest free loans should be given for the installation of Solar Tube-wells to farmers having 12 acre land.

The membership of Chamber of Commerce and Industry should be made compulsory for all businessmen for better tax system. A Central business Data Record System should be established to facilitate businessmen.

The house also suggested that tax software should be developed in urdu language, besides improving its software. Steps should be taken to introduce tax reforms for promotion of industry in less developed areas.

Steps should also be taken to obtain Hilal food Certificates to encourage its exports. First 5,000 top tax payers should be accorded the status of VIP, besides awarding them in national events. The house recommended amendments in Petroleum Levy Ordinance 1961, Customs Act and Sales Tax Act 1990.

(Tax) Commissioner may not be allowed to reopen cases prior to ten years. Mechanism should be evolved to bring non filers into tax net to increase government revenue. The Senate proposed to reduce import duty on Soyabin Oil from the present value or it should be retained at existing level.

The proposed health levy of Rs 10 per Kg imposed on the sale of Tobacco Leaf should be withdrawn. Balochistan province should be exempted from sales tax on import of plant and machinery for setting up refinery, plants in under developed areas of the province.

Minimum stipends for all interns should be fixed at Rs 20,000. To wave off the agriculture loans of Rs 2.75 billion granted to poor farmers of the country. Salary of National Commission for Human Development (NCHD) should be increased by Rs 16,000 per month.

The purpose of NCHD should be defined clearly. Customs duty on cellular phones should be reduced. Regularity duty on CKD. SKD mobile kits should be rationalized. Federal Excise Duty on domestic airline tickets should be reduced from Rs 3600 to Rs 1800.

Taxes and duties on hybrid and electric cars should be identical. The House also suggested to establish Vocational institutes under China Pakistan Economic Corridor (CPEC) in Zhob, Quetta and Qila Saifullah.

Rs 40 billion be allocated for FATA (PSDP No.1102) instead of Rs 24.5 billion. At least Rs 20 billion rupees should be allocated for converting agricultural tube- wells of Balochistan to solar energy, while funds should be allocated in the federal budget for mass transit projects in District Quetta.

The Senate recommended the National Assembly that CPEC Institute, Gwadar, should be approved immediately and maximum funds should be allocated. The work on the Industrial Estate Gawadar with reference to its infrastructure and development may be completed on priority.

Funds allocation of Rs 365 million for PSDP 2018-19 for refurbishment of Senate Hall (201.5 million), and construction of Chairman Senate Residence (145.5 million) may be allocated. The Senate of Pakistan recommended the National Assembly that relevant funds should be allocated in the present federal budget for lying of gas pipelines from Quetta to Khanozai, Muslim Bagh and Qilla Saifullah.

The House was of the view that comprehensive planning should be done and funds should be allocated to start the work for exploration and evacuation of metallic minerals and coal in District Dakki, (Pashin, Qilla Saifullah, Zhob, Musakhel, Loralai, hernia, Qilla Abdullah) and Zhob Quetta Division in Balochistan province.

It recommended that Rs 100 million be approved to improve the existing infrastructure of Sui Gas and electrical lines in District Haripur. Conversion of existing 10,000 electrically operated tube-wells in Balochistan to solar power by completing 25% work and in each years and the project should be completed in a period of four years on priority.

The House recommended to allocate Rs 10 billion for renewal of electricity transmission lines in the province of Baluchistan, besides making allocation for establishing Grid Station in Balozai, Tehsil Khanozai, Maizaiada, Bostan, Marghakabzai, abdul Rehmanzai, Sapera Ragha Darghai, Narai Dag, district Loralai, Margha, Faqeerzai and district Balochistan.

It also suggested that amounts should be allocated for the production of electricity under the CPEC in Balochistan districts including 200 MW from Khost gas power plant at Harnai;100 MW from each plant from all solar power plants at Pishin, Qilla Abdullah, Qilla Saifullah, Zhob and Musakhel.

Allocation be made for the construction and installation of Hydle Power at Chapri on Kurram River Kurram Agency for approximately 12-MW; A 132KV grid station be established in District Kohistan; The electricity supply system may be upgraded for Hattar Industrial Estate as it generates about Rs 70 billion in taxes.

The Senate recommended allocation for the extension of Pat feeder Canal for utilization of Indus Water in Balochistan (Package - III) for barren land irrigation in Balochistan. At least Rs 1 billion should be allocated for construction of small dams in Balochistan.

Besides, allocating Rs 20 billion for small and medium size dams in Balochistan. The House also suggested for establishment of 40 agriculture tube-wells to cultivate Haripur. It recommended that Rs 500 million should be allocated for construction of small dams in Districts Kalat and Mastung, Balochistan.

While, Rs 200 million for the provision of clean drinking water in Districts Kalat and Mastung, Balochistan. The House recommended allocation for reconstruction and renovation of Quetta International Airport, and construction of Loralai and Chaman airports.

It suggested that Rs 1 billion should be allocated for giving scholarships to students from Gwadar. While, Rs 5 billion for post-graduate programs (Indigenous and Overseas) for the students of Balochistan. It recommendation Rs 800 million allocation to develop a Centre of Excellence for Mathematical Sciences at the University of Peshawar.

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