Senate Panel Rejects Bonus Share and Super Tax Proposals
All of the Finance Bill 2023’s parts pertaining to “Bonus Share” and “Super Tax” were unanimously rejected by the Senate Standing Committee on Finance and Revenue.
On Friday, the committee, presided over by Senator Saleem Mandviwalla, effectively wrapped up its discussions and recommendations about the Finance Bill, 2023-2024. The delayed issues were taken by the committee and reviewed.
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Each deferred issue was thoroughly examined by the committee, which also provided various recommendations and decisions. For the report’s completion, certain items were approved and others were rejected. Even after the budget, the committee made the decision to discuss other recommendations. After careful consideration, all of the Customs Act’s postponed elements were approved.
Notably, discussions covered every section covered by 99D delayed. According to a briefing, the Federal Board of Revenue (FBR) has no power over this matter because it falls under the purview of the federal cabinet.
The committee emphasised that the 18 percent tax on consumer items sold under brand names or trademarks will only burden consumers, as retailers will find ways to get around the tax system.
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Senators Kauda Babar, Saadia Abbasi, and Rukhsana Zuberi made broad budgetary suggestions. The budget incorporated the broad recommendations made by Senators Saadia Abbasi and Rukhsana Zuberi.
The Telecom Foundation raised major concerns about the 15 percent regulatory obligation earlier in the meeting and urged a 2 percent tax cut. Additionally, it urged that a super tax not be implemented.
The committee chairman also asked for a briefing on the tax rates that are applied differently to filers versus non-filers and noted that filers do not receive any incentives for paying implied domestic tax.
The meeting was attended by a Pepsi-Cola International representative. According to him, sales of fizzy beverages have clearly decreased by 40% since the mini-budget despite a 20% increase in the federal excise duty (FED). On Monday, the committee will continue discussing the final recommendations and report.
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