For two months
Senate Standing Committee on Finance, Revenue and Economic Affairs recommends to extend the use of non customs paid vehicles in FATA and PATA for two months further. The meeting of the committee was held on Friday. Chaired by Senator Farooq H. Naek. The meeting discussed the matter regarding utilization of Zakat Funds in the education and health sectors and details that revealed disbursement of those funds to FATA. Chairman Committee Senator Naek asserted that the Committee be briefed about the collection and distributions modes for the Central Zakat Fund. He also questioned the Minister about the department where this fund is deposited. Additional Secretary, Ministry of Finance clarified that this subject did not fall under his ambit and that the Ministry of Religious Affairs was responsible for this fund.After deliberation, Chairman Committee, Senator Naek concluded that the Ministry of Religious Affairs be called in the next meeting.
While further discussing modalities of the implementation of Tax Relief Regimes announced by the Government as promised during the passage of FATA, PATA and Malakand region merger Bill/25th Constitutional Amendment, a brief submitted by the FBR regarding the said exemptions, was reviewed.
Members of the Committee once again reiterated the importance of facilitating this conflict ridden region by extending tax exemptions to commercial enterprises in FATA/PATA and Malakand Division for a minimum of five years. They stressed that all exemptions given in Article 247 i.e. prior to the 25th Amendment of the Constitution be implemented to the fullest.
While discussing the issue of registration of non custom-paid vehicles in FATA/PATA and Malakand Division, Senator Mohsin Aziz stressed the need for ensuring that people in the region are made aware of this through an extensive advertising campaign. He also stressed the need to extend the deadline for a minimum of 30 days.
While discussing the issue of Federal Excise Duty (FED), previously Central Excise Duty (CED), being levied at the rate of 16 per cent members of the Committee were livid at an increase of one per cent; since earlier it was 15%. Dr. Muhammad Iqbal, Member IR Policy FBR, clarified that concessions to the people of FATA/PATA and Malakand Division were still in place as the tax levied was 16 per cent as opposed to 21 per cent suggested by the Senate of Pakistan.
For two months