Senate body takes up Finance Bill 2020, annual budget statement etc

Senate body takes up Finance Bill 2020, annual budget statement etc

ISLAMABAD-:The Senate Standing Committee on Finance, Revenue and Economic Affairs on Wednesday took up the Finance Bill 2020, containing the Annual Budget statement presented in the house and other related issues.

Amendments made to the Customs Act, 1969 and the Sales Tax Provisions of Finance Bill, 2020 were reviewed. 

Senator Farooq Hamid Naek chaired the meeting and attended by Senator Mohsin Aziz, Senator Muhammad Akram, Senator Zeeshan Khanzada, Senator Musadik Masood Malik, Senator Mian Muhammad Ateeq Sheikh, Senator Sherry Rehman, Senator Talha Mehmood, Senator Ayesha Raza Farooq, and senior officers from the Ministry for Finance, Revenue and Economic Affairs and Federal Board of Revenue. 

Deliberating over the amendments in the Customs Act, 1969 the Committee discussed amendments pertaining to carrying, transporting, removing, depositing, harbouring, keeping concealing of transit goods or evading payment of custom duties or leviable taxes in great detail.

Detention, seizure and confiscation of imported goods, general power to exempt from customs duties, minimal duties on cumulative amount on imported accessories, power to deliver certain goods without payment of duty and repayment of duty on certain goods, Fiscal Fraud and mutilation and scrapping of goods were discussed as well. 

Amendments related to Authorized economic operator program and concessions on raw material for the concession holder and its operating companies in Gwadar were rejected.

The Committee decided to look at the matter closely due to mention of 20 year period in the original document that had been changed to 40 years in the Bill. 

The Committee took notice that amendments relevant to tax exemptions related to Gwadar Port are not according to tax Law and rules.

 The Committee directed the Secretary Maritime Affairs to provide all agreements of contractors and sub contractors to the Committee tomorrow morning.

Reviewing the Sales Tax Provision of Finance Bill, 2020 the Committee deliberated over issues of Alternative Dispute Resolution, Real time access to information and databases.  Tax exemption on diadetic foods, conducting of audit proceedings electronically, Raw materials and intermediary goods imported by manufacturers for in-house consumption were also discussed.