In the Senate Standing Committee on Finance chaired by Chairman Salim Mandviwala, the proposal to insert new Section 146D in the Income Tax Ordinance was considered.
In the meeting, the tax authorities said that if the company does not pay its dues to the Ministry of Finance, FBR will collect them, if an oil company does not collect petroleum levy, then the Ministry of Finance does not have a mechanism for collection.
The tax officials said in the meeting that it is proposed to hand over this authority to FBR to solve it, a huge recovery will be made under this law.
In the meeting, Senator Mohsin Aziz said that you are creating difficulty with this, instead of taking tax, you are trying to withdraw money in another way, first FBR should bring the shopkeepers into the tax net.
On this occasion, Sadia Abbasi said to tax the windfall profits of banks.
Salim Mandviwala said that the State Bank has given him a clean chit, the automated system will decide within a month to make payments to people living abroad.
In the meeting, the committee members opposed the proposal to levy tax on business through subsidiary companies.
Tax authorities said this method is used in double tax treaty countries, where the company says the duty has been paid in Dubai.
In the meeting, Mohsin Aziz said that at present LC is not opening from Pakistan, there is an intention to harass those who are doing business.
Sadia Abbasi said that such discretionary powers should not be given to the tax authorities in the current situation.
In the meeting, the tax officials said that windfall income, profits will be taxed from the time they started in the past, it will be decided by the federal government and FBR will not decide it.
Sadia Abbasi said that it is not right to impose tax on such profits because the market fluctuates.
The committee unanimously rejected the proposal to impose a 50 percent tax on windfall income or profits.
The tax authorities said that if a Pakistani sends remittances of up to 1 lakh dollars from abroad, the source will not be asked. Earlier this limit was 50 thousand dollars, which was proposed to be increased to 1 lakh dollars. Money will not be considered suspicious.
In the meeting, Ayesha Ghos Pasha said that the government is in the IMF program, no amnesty scheme will be brought.
Also, the committee approved not to ask for source of income for remittances up to $100,000.
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