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Senate body recommends mining machinery exemption from tax.

ISLAMABAD -- The Senate Standing Committee on Finance has recommended to the National Assembly to exempt mining machinery from sales tax and all sort of duties in a bid to give benefit to the small provinces.

The meeting of the Senate standing committee on Finance held here under the chair of Senator Nasreen Jalil.

Senator Sughra Imam was of the view that agriculture machinery should also be exempted from sales tax and duties as everything was critical for the country and there should be no specific exemptions in mining machinery.

She also submitted dissenting note on the recommendation of committee to exempt mining machinery from sales taxes and duties.

Some members of the committee proposed that federal excise duty should be imposed on luxury items at a rate of 20 per cent.

The Federal Board of Revenue (FBR) officials informed that tax authorities have planned to phase out all federal excise duties so despite proposing to impose federal excise duty they will suggest to impose income tax on those who were using more than 1,000 mega watt electricity per month.

It would be the best possible way to identify rich people. But the committee did not express its willingness on FBR suggestions.
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Publication:The Frontier Star (Northwest Frontier Province, Pakistan)
Date:Jun 7, 2012
Words:202
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