Tuesday , March 31 2020

Senate body passes few recommendations in Finance bill 2018-19

Islamabad: The Federal Board of Revenue (FBR) informed the Senate’s body on Finance that as many as 1, 52000 foreign bank accounts of Pakistani citizens have been discovered by Organization for Economic Cooperation and Development (OECD).

The FBR officials said that it is yet to be decided whether to freeze those bank accounts or add them into the tax circle.

It should be noted that senate body has rejected the recommendation that allowed for tax assessment after the foreign assets are disclosed by the Pakistanis, in the second amendment of finance bill of 2018-19.

After a thorough discussion, the cutting down of duties on surgical equipment was also recommended by the senate body.

The committee reserved the decision regarding the relaxation of custom duties on household items and other things and urged an opinion of Commerce ministry in this regard.

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