ISLAMABAD: Members of the Senate Standing Committee on Finance have proposed a ban on non-filers buying cars and houses.
According to the details, the meeting of the Senate Standing Committee on Finance was chaired by Senator Saleem Mandviwala, in which Finance Minister Muhammad Aurangzeb also participated. He told the members that the high income earners will be taxed more, the innovation of non-filers is not understood. While non-filers will only be allowed for Umrah and Hajj.
The committee members said that 80 percent of the industry’s buyers are non-filers, bringing the export sector under the normal tax regime, adding to their difficulties.
The Finance Minister said that the Prime Minister decided to close the PWD due to corruption in the institution. He said that the tax base has to be increased, the country cannot run on 9 and a half percent tax to GDP rate, end-to-end digitization of taxes will be done in the country and higher taxes will be imposed on those with higher incomes.
Center Mohsin Aziz said that non-filers should be banned from buying cars and houses. 80 percent of the industry’s buyers are non-filers, bringing the export sector under the normal tax regime, adding to their woes.
Center Faisal Vawda said that we will provide you with full support in the restoration of the economy, impose the condition of being a filer for Umrah and Hajj, tax exemption on electric cars should be maintained, while Center Anusha Rehman said that the tax on mobile phones should be maintained. To be reduced, the use of mobile phones is taxed, not by taxing it.
Finance Minister Muhammad Aurangzeb while answering the questions of the committee members said that the retailers will be brought into the tax net, 31 thousand retailers will be brought into the tax net in 6 cities of the country, the tax will be imposed on the retailers from July. Interest payments on debt are more than tax revenue. Smartphones are starting to be made in the country. The greatest service we can do to the country is to get the government out of everything that has been transferred to the subject provinces and their ministries. It is not right to keep it with the federal government.
He said that 593 billion rupees have been kept for the poor, they will be provided with training and education, the tax on the salaried class has been kept at 35%, the tax on business income has been imposed at 45%, the tax leakage of FBR is 6 thousand. 7 thousand billion rupees per annum. The track and trace system will be fully implemented in a new way.
The finance minister said that the first application was a big failure. No government company is strategic, the ministries will have to provide proof of government companies being strategic companies.
FPCCI Representative Karim Aziz said in the meeting that nothing has been kept for industry and exports in this budget. Underinvoicing will increase. He demanded that the electricity tariff should be reduced, this time the sales tax has been increased on everything. We are not satisfied with the budget.
