Latest news with #TheIncomeTax(Amendment)Bill
Business Recorder
17-05-2025
- Business
- Business Recorder
9 bills including income tax, dumping duty passed by NA
ISLAMABAD: The National Assembly Friday passed nine bills including 'The Income Tax (Amendment) Bill, 2024 and The Anti-Dumping Duties (Amendment) Bill, 2025'. The house passed, 'The Civil Servants (Amendment) Bill, 2025'' bound a Civil Servant of BS-17 and above to declare his/her domestic and foreign assets, his/her spouse and dependent children. There were two bills out of nine of private members' bills as agenda of the members took up by suspending the remaining business of the house through adopting a motion. Opposition in NA blocks govt's Income Tax bill The private members' bills are; 'The Trade Organizations (Second Amendment) Bill, 2025 of Syed Ali Qasim Gillani of PPP and The Islamabad Capital Territory Child Marriage Restraint Bill, 2024 of Sharmila Faruqui of PPP. The opposition particularly of Pakistan Tehreek-e-Insaf (PTI) on Thursday blocked 'The Income Tax (Amendment) Bill, 2024' but today, the opposition neither strongly opposed nor protested against the legislation of the government. The bills which were passed included: Income Tax Amendment Bill, 2024,the Anti-Dumping Duties Amendment Bill, 2025, Federal Board of Intermediate and Secondary Education Amendment Bill, 2024, the Extradition Amendment Bill, 2025, Pakistan Citizenship Amendment Bill, 2024, The Naturalization Amendment Bill, 2024, the Civil Servants Amendment Bill, 2025, The Trade Organizations (Second Amendment) Bill, 2025and The Islamabad Capital Territory Child Marriage Restraint Bill, 2024. The Income Tax (Amendment) Bill 2024 is already in the field as the government had introduced it last year in the form of an ordinance. The purpose of 'The Income Tax (Amendment) Bill, 2024' is to amend the Income Tax (Amendment) Ordinance, 2024 in the National Assembly. According to objects and reasons of the bill, the amendments are being introduced with immediate effect through an Ordinance, in order to remove difficulties faced by the taxpayer in implementation of higher tax rates on income from federal government securities on the basis of ADR ratio. Concomitantly, few counter measures have also been incorporated in this Ordinance to rationalize standard tax rate on whole of the business income of banking companies. The purpose for passage of 'The Anti-Dumping Duties (Amendment) Bill, 2025' is made amendments in sub-section (1)through the Anti-Dumping Duties (Amendment) Act, 2022shall be deemed to have taken effect on and from the 1st day of July, 2020. According to objects and reasons of the bill, Ministry of Planning, Development and Special Initiatives on the advice of Law and Justice Division conveyed to initiate further amendment in the subject Law to give retrospective effect to cover the period from the financial year 2020-21. In this regard it is submitted that two Chinese-grant-funded projects in Gwadar, (Pak-China Friendship Hospital' and 'New Gwadar International Airport') have been subjected to the Anti-dumping duties during FY 2020-21 and 2021-22. The Chinese-grant-funding does not cater for such duties. The relevant department also does not have any provision for payment of these duties. It was therefore decided during the 'progress review meeting of Gwadar Projects held on 5thOctober 2022', that the amendment in the Anti-Dumping Act would be given retrospective effect (to cover the period from FY 2020-21).' According to clause 02 'The Civil Servants (Amendment) Bill, 2025, 'new section 15-A is inserted in the Civil Servants Act, 1973, 'Declaration of Assets;- the declaration of assets of a Civil Servant of BS-17 and above his spouse and dependent children, including domestic and foreign assets and liabilities, as may be prescribed, shall be digitally filed with the Federal Board of Revenue and same shall be publicly available, through Federal Board of Revenue in accordance with the rules as may be prescribed.' According to 'The Trade Organizations (Second Amendment) Bill, 2025, under the Trade Organizations(Amendment) Act,2025, the two years' tenure for office bearers under sub-section (l) of section 11 shall apply only to those elected on or after the enactment of the trade organizations (Amendment) Act, 2025. It is in the interest of the organizations and all trade bodies that the election to be conducted in accordance with the Trade Organizations (Amendment) Act,2022, to ensure the continued smooth operation of bodies established under the Act. This provision is disruptive to the smooth functioning of trade bodies, particularly the federation, chambers, and Association. Therefore, it is essential to omit sub-section (1A) of section ll of the Trade Organizations Act, 2013, as inserted by the Trade Organizations (Amendment) Act, 2025, from the date of its enactment. Copyright Business Recorder, 2025
Business Recorder
15-05-2025
- Business
- Business Recorder
Opposition in NA blocks govt's Income Tax bill
ISLAMABAD: The opposition in the National Assembly blocked the government's 'The Income Tax (Amendment) Bill, 2024' just a moment near the passage by pointing out the lack of quorum in the house. As Finance Minister Muhammad Aurangzeb moved a motion to table the bill to amend the Income Tax Ordinance, 2001 in the house for passage, the opposition members loudly raised the voice voting for 'No' to defeat the motion as compare to the voice voting for 'Yes'. Deputy Speaker National Assembly Ghulam Mustafa Shah who was presiding the house once again repeat for voice voting. In the voice voting, the opposition defeated the motion, now the Deputy Speaker asked for head counting of the members of the house in favour and of those against the motion. After the counting was done, there were 67 government members in the favour of the motion and 32 were against it. The motion was passed with a majority. Tax law: NA body says govt has bypassed Parliament After it, the Deputy Speaker took up the bill for clause by clause reading. There were only three clauses of the bill. The house passed the three clauses of the bill and now the finance minister stood for presenting the bill for passage but the opposition members sought floor of the house to speak on the bill. The deputy speaker gave the floor to Malik Amir Dogar of PTI to speak on the bill. Dogar said that the committee had agreed to focus the session on discussions about India-Pakistan tensions and national security, not legislation. Dogar opposed the bill and pointed out the quorum in the House. The Deputy Speaker asked for a count; the quorum of the house was not complete after the counting was done. The deputy speaker suspended the house till the completion of the quorum. After 15 minutes, the house met again but the speaker adjourned the house due to a lack of quorum. Copyright Business Recorder, 2025
Business Recorder
01-05-2025
- Business
- Business Recorder
Respite only for salaried individuals as FY26 budget to be ‘tough' without GST relief: FBR chief
ISLAMABAD: Federal Board of Revenue (FBR) Chairman Rashid Mahmood, Wednesday, categorically said the upcoming federal budget (2025-26) would be tough with no sales tax concessions or reductions except relief to the salaried class. This was stated by FBR chairman during the meeting of the Standing Committee on Finance and Revenue held at the Parliament House, Islamabad, under the chairmanship of Syed Naveed Qamar, MNA/chairman. Through online from Karachi, Finance Minister Muhammad Aurangzeb has also confirmed that tax relief to the salaried individuals is under consideration in the next federal budget (2025-26). Rs265.745bn WHT paid in H1FY25: Salaried individuals emerge major contributor to kitty It is reliably learnt that the FBR has done working on major tax relief to the salaried class in the upcoming budget. Responding to the proposal of dairy sector to reduce sales tax from 18 to five percent, the FBR chairman informed the committee that the coming budget would be 'tough'. The analytical work on the proposal is underway but we are in the International Monetary Fund (IMF) programme. The sales tax reductions are not possible under the IMF programme. 'We are at a tough spot in terms of revenue collection. The economic assumptions including GDP growth, imports, inflation and growth in large-scale manufacturing, used for setting the tax collection target for 2024-25 have been changed', he said. The FBR chairman said that tax policy unit has been established at the Ministry of Finance, but this year's budget would be reviewed at the FBR till tax policy unit becomes fully functional. The chairman of the Finance Committee asked the FBR chairman to reduce sales tax on milk and compensate shortfall from some other sector. 'The FBR should convince the IMF that the reduction in sales tax on this essential item would be overcome through other measure', the chairman committee proposed. The committee also reviewed 'The Income Tax (Amendment) Bill, 2024' (government bill) and recommended that the National Assembly pass the bill as presented. The committee also considered, 'The Corporate Social Responsibility Bill, 2025,' a private member's bill introduced by Dr Nafisa Shah, MNA. The members appreciated the initiative and expressed unanimous support for the proposed legislation. To further examine the bill in detail and engage relevant stakeholders, the committee formed a Sub-Committee. The Sub-Committee will be convened by Mirza Ikhtiar Baig, MNA, with Rana Iradat Sharif Khan, Arshad Abdullah Vohra, and Muhammad Ali Sarfraz, MNA, as its members. The committee considered 'Non-implementation of Minimum Wages Announced by the Federal Government in its Departments' an issue raised by Syed Agha Rafiullah, MNA, and referred by the Speaker. Agha Rafiullah highlighted that not only is the private sector paying substandard wages, but several government departments are also failing to comply with the minimum wage policy. In response, the chairman directed the Additional Secretary Finance to ensure the implementation of the government-fixed minimum wage across all departments. He advised the mover to submit all the evidences to the finance secretary to facilitate necessary action. The committee deferred the matter for its next meeting. The committee discussed the 'Inquiry Regarding the Constitutional Validity and Potentially Maligning Provisions in Section 99D of the Income Tax Ordinance, 2001.' This matter was raised by Syed Hafeezuddin, MNA, and referred by the speaker. The president of Zarai Taraqiati Bank Limited (ZTBL) delivered a comprehensive briefing on the bank's overall performance and operational activities. The committee observed that the bank is prioritising profit-making rather than strengthening support for agriculturalists and farmers. The chair directed the president of bank to expand the loan base and make it more user-friendly. He recommended that the bank introduce a credit card with adequate credit limits for farmers and offer incentives for repayment through easy installments. The committee instructed the president to provide a province-wise breakdown of the bank's loan disbursements. The committee also expressed serious concern regarding the potential privatisation of bank. The committee, unanimously, approved the minutes of its previous meeting. The meeting was attended by Rana Iradat Sharif Khan, Zeb Jaffar, Muhammad Usman Awaisi, Kesoo Mall Khel Das, Dr Mirza Ikhtiar Baig, Dr Nafisa Shah, Ali Jan Mazari, Muhammad Jawed Hanif Khan, Arshad Abdullah Vohra, Muhammad Mobeen Arif, Usman Mela, Muhammad Ali Sarfraz, and Shahida Begum, MNAs. The meeting was also attended by Muhammad Aurangzeb, Minister for Finance and Revenue; chairman FBR and other senior officers from the ministry and its departments. Copyright Business Recorder, 2025
Business Recorder
01-05-2025
- Business
- Business Recorder
Respite only for salaried individuals: FY26 budget will be ‘tough' without GST relief: FBR chief
ISLAMABAD: Federal Board of Revenue (FBR) Chairman Rashid Mahmood, Wednesday, categorically said the upcoming federal budget (2025-26) would be tough with no sales tax concessions or reductions except relief to the salaried class. This was stated by FBR chairman during the meeting of the Standing Committee on Finance and Revenue held at the Parliament House, Islamabad, under the chairmanship of Syed Naveed Qamar, MNA/chairman. Through online from Karachi, Finance Minister Muhammad Aurangzeb has also confirmed that tax relief to the salaried individuals is under consideration in the next federal budget (2025-26). Rs265.745bn WHT paid in H1FY25: Salaried individuals emerge major contributor to kitty It is reliably learnt that the FBR has done working on major tax relief to the salaried class in the upcoming budget. Responding to the proposal of dairy sector to reduce sales tax from 18 to five percent, the FBR chairman informed the committee that the coming budget would be 'tough'. The analytical work on the proposal is underway but we are in the International Monetary Fund (IMF) programme. The sales tax reductions are not possible under the IMF programme. 'We are at a tough spot in terms of revenue collection. The economic assumptions including GDP growth, imports, inflation and growth in large-scale manufacturing, used for setting the tax collection target for 2024-25 have been changed', he said. The FBR chairman said that tax policy unit has been established at the Ministry of Finance, but this year's budget would be reviewed at the FBR till tax policy unit becomes fully functional. The chairman of the Finance Committee asked the FBR chairman to reduce sales tax on milk and compensate shortfall from some other sector. 'The FBR should convince the IMF that the reduction in sales tax on this essential item would be overcome through other measure', the chairman committee proposed. The committee also reviewed 'The Income Tax (Amendment) Bill, 2024' (government bill) and recommended that the National Assembly pass the bill as presented. The committee also considered, 'The Corporate Social Responsibility Bill, 2025,' a private member's bill introduced by Dr Nafisa Shah, MNA. The members appreciated the initiative and expressed unanimous support for the proposed legislation. To further examine the bill in detail and engage relevant stakeholders, the committee formed a Sub-Committee. The Sub-Committee will be convened by Mirza Ikhtiar Baig, MNA, with Rana Iradat Sharif Khan, Arshad Abdullah Vohra, and Muhammad Ali Sarfraz, MNA, as its members. The committee considered 'Non-implementation of Minimum Wages Announced by the Federal Government in its Departments' an issue raised by Syed Agha Rafiullah, MNA, and referred by the Speaker. Agha Rafiullah highlighted that not only is the private sector paying substandard wages, but several government departments are also failing to comply with the minimum wage policy. In response, the chairman directed the Additional Secretary Finance to ensure the implementation of the government-fixed minimum wage across all departments. He advised the mover to submit all the evidences to the finance secretary to facilitate necessary action. The committee deferred the matter for its next meeting. The committee discussed the 'Inquiry Regarding the Constitutional Validity and Potentially Maligning Provisions in Section 99D of the Income Tax Ordinance, 2001.' This matter was raised by Syed Hafeezuddin, MNA, and referred by the speaker. The president of Zarai Taraqiati Bank Limited (ZTBL) delivered a comprehensive briefing on the bank's overall performance and operational activities. The committee observed that the bank is prioritising profit-making rather than strengthening support for agriculturalists and farmers. The chair directed the president of bank to expand the loan base and make it more user-friendly. He recommended that the bank introduce a credit card with adequate credit limits for farmers and offer incentives for repayment through easy installments. The committee instructed the president to provide a province-wise breakdown of the bank's loan disbursements. The committee also expressed serious concern regarding the potential privatisation of bank. The committee, unanimously, approved the minutes of its previous meeting. The meeting was attended by Rana Iradat Sharif Khan, Zeb Jaffar, Muhammad Usman Awaisi, Kesoo Mall Khel Das, Dr Mirza Ikhtiar Baig, Dr Nafisa Shah, Ali Jan Mazari, Muhammad Jawed Hanif Khan, Arshad Abdullah Vohra, Muhammad Mobeen Arif, Usman Mela, Muhammad Ali Sarfraz, and Shahida Begum, MNAs. The meeting was also attended by Muhammad Aurangzeb, Minister for Finance and Revenue; chairman FBR and other senior officers from the ministry and its departments. Copyright Business Recorder, 2025
Express Tribune
15-02-2025
- Politics
- Express Tribune
Opp gets resolution on rallies passed in Senate
ISLAMABAD: The opposition on Friday managed to get a resolution regarding allowing peaceful demonstration by political parties, in the Senate, while the government successfully thwarted an attempt to table another opposition resolution against the Prevention of Electronic Crimes Act (Peca). The upper house of parliament met here with Senator Sherry Rehman in the chair. The house passed three bills, while Law Minister Azam Nazir Tarar, on behalf of Finance Minister Muhammad Aurangzeb, laid a copy of the Money Bill, "The Income Tax (Amendment) Bill, 2025. Meanwhile, Awami National Party (ANP) Senator Hidayatullah protested against denial of permission for holding a rally. On that Opposition Leader Shibli Faraz presented a resolution, saying that permission should be given if there was a peaceful rally was held anywhere in the country. "A peaceful rally is the right of all political parties, including the PTI [Pakistan Tehreek-e-Insaf]," he said. However, Law Minister Tarar opposed the resolution, saying that granting permission was related to the Punjab government and "we cannot force the provincial government". He said that the draft of the solution should incorporate "subjected to the law and the Constitution". The PTI senators, however, rejected the law minister's proposal. Faraz said that the text had been prepared by Senator Hidayatullah. PTI's Ali Zafar said that there was no restriction on the government and the allied parties from holding the political gatherings but only the PTI was being subjected to the ban. "The text of this resolution will not be changed," he stated categorically. Later, the resolution was passed. The opposition members protested and raised slogans after not getting the floor. They also protested that Senator Ijaz Chaudhry was not being brought to the house despite the production order issued by Senate Chairman Yousuf Raza Gilani. Just before the PTI could present a resolution against PECA, the law minister point out the lack of quorum, after which the session was adjourned. The house would meet again on Monday morning, the chair ruled. Earlier, during the session, Communications Minister Abdul Aleem Khan assured the Senate that toll tax would not be collected on incomplete sections Mirpurkhas-Khokhropar Highway - a 17 kilometre part of the highway from Rajarasti to The chair referred the matter to the relevant committee and set a three-month deadline for its resolution. Also, four reports of the various standing committees were tabled, pertaining to the Protection of Journalists and Media Professionals (Amendment) Bill, 2022, the Service Tribunals (Amendment) Bill, 2024, and the State-Owned Enterprises (Governance and Operations) (Amendment) Bill, 2024, and a report regarding appointments in the Agricultural Development Bank in the last 10 years. The bills passed by the house were related to severe punishment for those Involved in human trafficking, begging abroad and sending young girls abroad for abuse. All the three bills were Introduced by Law Minister Tarar and the house passed the bills Unanimously. (WITH INPUT FROM APP)
