ISLAMABAD:The National Assembly Standing Committee on Finance and Revenue Wednesday deferred the Federal Government Properties Management Authority Bill, 2021 till its next meeting.
The committee met here under the chairmanship of Member National Assembly (MNA), Faiz Ullah, discussed in detail the various points of the Bill and decided not to approve it in a hurry.
Briefing the committee about the Bill, Finance Ministry said that the bill is aimed at establishing a new authority for management of federal government properties.
He said that the director general of the authority would be employed for period of three year’s, the DG would be a public account officers.
The committee informed that the main function of the authority shall include creating a database of assets owned by various government entities, take possession of any asset transferred to the authority.
The authority would also carry out marketing and promotion of the assets, lease, purchase, procure, exchange, mortgage, rent out or otherwise utilize any transferred assets.
The committee also discussed the issues being faced by the construction sector due to higher value of taxation on raw material.
The Member Policy FBR said that various steps have been taken by the FBR to reduce rate of taxation on raw material of construction sector.
He said that rate of minimum tax on cement under section 113(1) is 0.25% in the case of distributors, dealers, sub dealers, wholesaler and retailer, which is 20% of the standard minimum tax rate in case of most industries and the advance tax on cement is also reduces to 0.25%.
He said that on steel rate of minimum tax under section 1139(1) is 0.25% I the case of distributors, dealers, sub dealers, wholesaler and retailer, which is 20% of the standard minimum tax rate in case of most industries and the advance tax on cement is also reduces to 0.25%.
The committee also considered the problem faced by the business community due to obscurity regarding implementation of Anti-Money Laundering (AML), Act, the role of law and enforcement agencies.
Director General (DG) FBR Custom, Rasheed Shaikh informed the committee that during the last three year 170 case registered and 40 prosecute.
He said that investigation and prosecution in the offense of money laundering arising out of customs related predicate offenses of, fiscal fraud (trade based money laundering), Smuggling of goods and bulk cash smuggling.
The committee deferred the problem faced by business community due to obscurity regarding implementation of Anti-Money Laundering (AML), Act.