Business community ask for exemption of taxes on edible items

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Ijaz Kakakhel
Islamabad

Business community on Thursday requested the legislative body of Upper House of parliament to reduce prices on edible items by exemption of taxes in order to give sigh of relief to the general public.

The proposal was forwarded in Senate standing committee on Finance Revenue and Economic affairs, which met today in parliament house.

The representative of the Bakers and Sweets Association proposed to exempt the 17 pc sales tax earlier implemented on bakery items and sweets as the most commonly used edible for all the classes of society who has to pay an additional 9.5 pc tax, the matter was referred to the anomaly committee for consideration of proposal.

The committee also recommended imposing 20 pc taxes on sugary beverages juices implying that it is injurious to health.

The jewellers community also made appearance and requested to consider the appeal by jewellers for resolution of issues emanating from finance Bill 2022-23 including withholding tax to be charges 1 pc instead of existing 9 pc on purchases of jewellers so that the value chain can be documented and lack of legally available raw material due to ambiguity in Import Police Order and high cost of duties and taxes

The Committee met on the third consecutive day to finalize the Fiancé Bill 2022-2023. The Chairperson، National Tariff Commission briefed the committee in detail on the proposals included in the Finance Bill regarding tariffs.

She said that changes have been made in the Finance Bill regarding rationalization of tariffs for packaging and dyes industry.

Senator Anwar-ul-Haq Kakar said that the export of raw materials should be discouraged so that the supply of raw materials within the country could be increased and promote industrialization.

FBR officials briefed the committee on tax exemptions on the import of bulletproof buses and special vehicles for the security of foreigners working on CPEC and major power projects.

He said that such special vehicles could be imported only after the NOC of the Interior Ministry and only federal and provincial governments would be authorized to import such vehicles. FBR officials told the committee that now payments of over one million could only be made through digital means. The purpose is to record financial transactions.

Dr. Shahzad Waseem, Leader of the Opposition in the Senate, expressed his deep concern over the absence of the relevant ministers from the proceedings of the committee.

He said that non-participation of ministers in the proceedings of the committee was tantamount to contempt of the House. Minister of State for Finance Dr. Aisha Ghous Pasha joined the committee meeting and answered the questions of the members.

 

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