*ISLAMABAD: Senate Standing Committee on Finance, Revenue and EconomicAffairs in its Tuesday meeting further discussed the amendments in CustomsAct 1969, Sales Tax Act 1990, Income Tax Ordinance 2001, Federal Excise Tax2005 as part of the Finance Supplementary (Amendment) Bill, 2018.*
The meeting was chaired by Senator Farooq Hamid Naek here at the ParliamentHouse on Tuesday and was attended among others by Senators Mohsin Aziz,Khanzada Khan, Haroon Akhtar Khan, Dr. Musadiq Malik, Muhammad AteeqSheikh, Muhammad Akram, Minister of State for Revenue and officers from FBRand customs.
The committee approved the amendments relating to the tobacco industry,import duty on vehicles more than 1800cc engine power, tax deductionexemption for non-filers while doing transaction to the Dam-Fund, bringingthe percentage of tax deduction for non-filers on bank transactions to 0.6%.
The amendment regarding revised tax rates on salaried and non-salariedincomes was passed with amendment in the last slabs of both categories.
Tax rate on highest slab of non-salaried income was recommended to bechanged from 29 to 25 percent and the tax rate on highest slab of salariedincome was recommended to be changed from 25 to 20 percent.