ISLAMABAD - The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, successfully concluded its deliberations and recommendations on the Finance Bill, 2023-24.
The committee took deferred items and considered for review, said a press release issued here on Friday. The committee carefully evaluated each deferred item made several recommendations/decision.
The certain items were accepted, some were rejected, for finalisation of report. The committee also decided to discuss various recommendations even after the budget.
All the deferred items of the customs act were accepted after due deliberation, it added.
Notably, all sections falling under the ambit of 99D deferred were discussed. It was briefed that it is the role of the federal cabinet and the FBR has no authority over it.
The committee reiterated that the bill supply of consumer goods sold under brand names of trademarks to be taxed by 18 percent would only burden the consumer while the retailer would finds it way to avoid the tax regime. The committee unanimously rejected all the sections related to “Bonus share” and “Super Tax” where and when implied in the bill.
Senator Rukhsana Zuberi, Senator Saadia Abbasi, and Senator Kauda Babar gave general recommendations for the budget. The general recommendations from Senator Rukhsana Zuberi and Senator Saadia Abbasi were included in the budget.
Earlier, the Telecom Foundation showed serious concern on the 15 percent regulatory duty and demanded a 2 percent reduction in the tax. It also demanded that super tax should not be imposed.
The chairman committee also required a briefing on the difference of tax being imposed on a filer and a non filer and observed that a filer is not given any incentive on taxes implied domestic items.
Representative from the Pepsi-Cola International also attended the meeting. He said that there is a clear decline if 40 percent in the sale of carbonated beverages after the mini budget with a rise of 20 percent Federal Excise Duty (FED). Sugar consumption cannot only be linked with beverages said adding that the markable decline in the sale didn’t put any markable decline in victims of diabetes.
He said that increased FED’s on the irrigated water industries would not clearly have a spike in the government’s revenue rather declined volume of sale and demanded to rationalise the the tax imposition.
The meeting was attended by Senator Saadia Abbasi, Kauda Babar, Engr. Rukhsana Zuberi Kamil Ali Agha and Senator Zeeshan khanzada. The Committee will continue its deliberation on Monday on the final recommendations and report.