Finance Minister press briefing on Federal Cabinet meeting

Finance Minister press briefing on Federal Cabinet meeting

ISLAMABAD: (APP) Minister for Finance Ishaq Dar said the Federal Cabinet also ratified PM's 17 Sustainable Development Goals Programme in order to provide basic facilities including clean drinking water, sanitation, and electricity supply.

He informed that Cabinet also approved Tax Laws Amendment Ordinance 2016 and determination of sales tax on petroleum products. The law would be tabled on September 2 in the National Assembly and on September 5 in the Senate.

He said there were problems regarding input adjustment tax between Federal Government (FBR) and provinces and this law would provide relief to the provinces.

He said Sindh and Punjab have addressed their issues with the FBR. Sindh has also signed an agreement regarding adjustment of Input Tax with FBR, he added.

The Ordinance would also cover Term Finance Certificate (TFC) and Sukuk for promotion of Islamic banking and finance in the country.

Regarding property valuation, he said that this would help increase revenues by 8-10 percent and fetch an amount of Rs.80 billion to Rs.90 billion, he added.

Ishaq Dar said the Federal Cabinet has also decided to keep the prices of five petroleum products prices unchanged for the month of September in order to provide relief to people.

Dar said that Cabinet also aproved medical treatment of poor/deserving citizens, suffering from fatal diseases including kidney, liver, bone-marrow transplant and cancer.

Dar said this facility would be rolled out in seventeen districts of the country to facilitate poor and deserving patients.

He said the Cabinet also decided for the publication of Tax Directories of Parliamentarians and general tax payers in the next two weeks.

He said Pakistan is the 4th country in the world which is issuing tax directory of the parliamentarians and general tax payers and had been publishing for the last two years.

Ishaq Dar said that the Cabinet also approved extension of reduced Withholding Tax Rate for non-filers under Section 236 on Income Tax Ordinance, 2001 upto December 31,2016.

The Finance Minister further informed that the Cabinet also approved change of Rs. 5 coin and introduction of Rs. 10 coin.

He said 155 million coins of Rs.5 had been manufactured while 10 million coins of Rs.10 have also been produced.

The Cabinet, he said also approved Third Protocol to sign Agreement between the governments of Pakistan and China for avoidance of double taxation and prevention of fiscal evasion with respect of taxes on income and approval to sign the initialed draft.

Ishaq Dar said that the Cabinet also approved Pakistan Commission of Inquiries Bill 2016 in order to empower the inquiry commissions right from Debacle of East Pakistan Commission to Abbotabad Commissions, replacing 1956 law in light of Chief Justice of Pakistan letter to the Prime Minister.

He said it would also be tabled in the National Assembly in order to bring further improvements in it.