Parliament has powers to accept or reject VAT: CBR Chairman
Monitoring report
Monitoring report
ISLAMABAD, March 18: ( APP/AFP) Sohail Ahmed, chairman Federal Board of Revenue has said that about 
40 million rupee will be additional income from value added taxes to be imposed in Gilgit Baltistan.He said that Wheat, flour, pulses, education, live saving medicines and health as well as imports will be exampt from value added tax. He said that Value Added Tax bill sought no role of International Monitory Fund (IMF) and World Bank (WB). Chairman FBR Sohail Ahmed ON Thursday said that the Value Added Tax (VAT) regime was not being implemented in the country on the dictations of International Monitory Fund (IMF) or World Bank (WB) and the parliament had the powers to accept or reject the same. He was addressing a session of Rawalpindi Chamber of Commerce and Industries (RCCI) at Pearl Continental here, which was also attended by the presidents of Chambers and Industries from across the country.
He
said the implementation of the VAT from July 2010 in place of existing General Sales Tax, would only be possible if all the federating units agreed on it.
He said the VAT would ensure sovereign Pakistan. The final draft of the Value Added Tax (VAT) regime would be ready by the end of April or the beginning of May. The discussion in parliament committees would be started from this month. The VAT would be in final shape within a period of two months. VAT is currently implemented in 34 countries of the world. He said Pakistan had the potential to collect around Rs 2200 to Rs 2300 billion tax. If the taxes are collected according to the potential there would be no need to beg from International Monitory Fund or World Bank. The Federal Cabinet on Wednesday discussed the draft of Value Added Tax (VAT) Law in the presence of provincial Chief Ministers and decided that in order to get the country out of its current resource crunch, it is imperative to expand the resource base and consider the VAT Law as an important part of this effort. This was stated by Minister for Information and Broadcasting Qamar Zaman Kaira during a joint press briefing alongwith Minister for Interior Rehman Malik on Wednesday. The briefing was held after a special meeting of the Cabinet held under the chairmanship of Prime Minister Syed Yusuf Raza Gilani here to discuss counter-terrorism measures with special focus on inter-provincial efforts in this respect. The meeting was attended by Federal Ministers, Ministers of State, Advisors to the Prime Minister, Chief Ministers of the four provinces and Prime Minister of AJK as well as the Provincial Chief Secretaries, Igs of Police and Chief of General Staff, GHQ. The minister told the briefing that the Cabinet decided that all the provinces will introduce the Provincial VAT Bill 2010 in their respective Provincial Assemblies immediately, so as to enable their respective finance Committees to deliberate the proposed law for its final disposal by June 2010.
40 million rupee will be additional income from value added taxes to be imposed in Gilgit Baltistan.He said that Wheat, flour, pulses, education, live saving medicines and health as well as imports will be exampt from value added tax. He said that Value Added Tax bill sought no role of International Monitory Fund (IMF) and World Bank (WB). Chairman FBR Sohail Ahmed ON Thursday said that the Value Added Tax (VAT) regime was not being implemented in the country on the dictations of International Monitory Fund (IMF) or World Bank (WB) and the parliament had the powers to accept or reject the same. He was addressing a session of Rawalpindi Chamber of Commerce and Industries (RCCI) at Pearl Continental here, which was also attended by the presidents of Chambers and Industries from across the country.He
said the implementation of the VAT from July 2010 in place of existing General Sales Tax, would only be possible if all the federating units agreed on it.He said the VAT would ensure sovereign Pakistan. The final draft of the Value Added Tax (VAT) regime would be ready by the end of April or the beginning of May. The discussion in parliament committees would be started from this month. The VAT would be in final shape within a period of two months. VAT is currently implemented in 34 countries of the world. He said Pakistan had the potential to collect around Rs 2200 to Rs 2300 billion tax. If the taxes are collected according to the potential there would be no need to beg from International Monitory Fund or World Bank. The Federal Cabinet on Wednesday discussed the draft of Value Added Tax (VAT) Law in the presence of provincial Chief Ministers and decided that in order to get the country out of its current resource crunch, it is imperative to expand the resource base and consider the VAT Law as an important part of this effort. This was stated by Minister for Information and Broadcasting Qamar Zaman Kaira during a joint press briefing alongwith Minister for Interior Rehman Malik on Wednesday. The briefing was held after a special meeting of the Cabinet held under the chairmanship of Prime Minister Syed Yusuf Raza Gilani here to discuss counter-terrorism measures with special focus on inter-provincial efforts in this respect. The meeting was attended by Federal Ministers, Ministers of State, Advisors to the Prime Minister, Chief Ministers of the four provinces and Prime Minister of AJK as well as the Provincial Chief Secretaries, Igs of Police and Chief of General Staff, GHQ. The minister told the briefing that the Cabinet decided that all the provinces will introduce the Provincial VAT Bill 2010 in their respective Provincial Assemblies immediately, so as to enable their respective finance Committees to deliberate the proposed law for its final disposal by June 2010.
0 comments:
Post a Comment