The Standing Committee on Finance, Revenue and Economic Affairs in its meeting held on Tuesday took up the Finance Bill 2020, containing the Annual Budget statement presented in the House on 12 June, 2020. Amendments made to the Customs Act, 1969 were reviewed.
Chaired by Senator Farooq Hamid Naek, the meeting was attended by Senator Mohsin Aziz, Senator Muhammad Akram, Senator Zeeshan Khanzada, Senator Musadik Masood Malik, Senator Mian Muhammad Ateeq Sheikh, Senator Sherry Rehman and senior officers from the Ministry for Finance, Revenue and Economic Affairs and Federal Board Revenue.
Clause 3(5) and 3(19)(i) was discussed in great detail. Since the remaining proposed amendments, according to rules, do not fall under the ambit of the Money Bill it will be taken up in the meeting tomorrow after reviewing the Supreme Court decision in this regard. It was asserted that such amendments must be made through Parliament.
While discussing Clause (3 (5), that pertains to minimal duties on cumulative amount on imported accessories of PKR 100 or less that; FBR recommended a minimum amount of PKR 5000. The Committee increased the amount to PKR 10000.
Reviewing the Clause 3(19)(i)(a,b,c), pertaining to concessions on raw material for the concession holder and its operating companies in Gwadar. Chairman Committee, Senator Farooq Hamid Naek informed the Committee that a ruling had already been given on this issue. The Committee was informed that a summary for the Cabinet had been moved by the Ministry of Maritime Affairs recommending changes relating to laws pertaining to Gwadar. Accordingly, the Tax Laws Amendment Ordinance, 2019 was promulgated on 6 October, 2019. As the Ordinance was not yet approved by the National Assembly, therefore the changes have been incorporated in the Finance Bill. The Maritime Affairs Division has been summoned in the meeting to be held tomorrow.