In order to facilitate taxpayers, some fundamental changes are being proposed in the Alternate Dispute Resolution mechanism through which a taxpayer whose tax liability is Rs.100 million or more, can benefit from the proposed mechanism. In this new mechanism, a taxpayer can nominate his own representative while the second representative will be the Officer of FBR.
However, the third representative of ADRC will be nominated by mutual consultation of FBR and the taxpayer. Therefore, in this mechanism, two of the three members of ADRC will be nominated with the consent of the taxpayer. Not only the question of fact but also the question of law can be brought for resolution before the ADRC. The decision of ADRC will be made by the majority.
Therefore, I invite all the eligible taxpayers to benefit from the proposed dispute resolution mechanism. At the same time, I also welcome the entire business community to withdraw their cases pending with various courts and joint ADRC to settle disputes through this new mechanism. This will not only lessen the burden on the courts but also contribute significantly to taxpayers’ facilitation.
(FBR Part II- Pakistan Customs)
Mr. Speaker
- The Federal Government is firmly committed to presenting a pro- people, business-friendly, and growth-oriented Budget with the objective to provide relief to the common man and safeguard the poor from the negative impact of inflation. Extraordinary attention has been given and efforts have been made toward price controls besides simultaneously focusing on the factors which can be effective to prevent any phenomena that can generate recession and negatively affect the monetary policy. Multiple measures have been taken to address the negative impacts of many previous imprudent policies.
- All our efforts are aimed to shift the focus from import-driven growth and tilt the balance in favor of some real long-term substantial growth. This will not only improve the living conditions of the common man but also contribute substantially towards the improvement of the financial credibility of Pakistan among the international economic community.
Mr. Speaker,
- In this budget, the government is striving to strengthen agriculture.
Various relief measures have been taken for farm mechanization and logistics. In order to give relief to the agricultural sector and farmers of the country, Customs duties exemption have been extended further on agricultural machinery pertaining to irrigation, drainage, harvesting/post- harvest handling and processing, greenhouse farming, and plant protection equipment as well as machinery, equipment, and other capital goods for miscellaneous agro-based industries.
- To provide a boost and further strengthen the industrial economy, Customs Duty, Additional Customs Duty, and Regulatory Duty on around 400 tariff headings pertaining to different industrial/manufacturing sectors have been rationalized.
- The Regulatory Duty(RD) regime has been reviewed and Regulatory Duties on multiple items have been either reduced or removed. However, it is also important to mention that in many cases Regulatory Duty was imposed with the intention to protect the local industry.
- The Textile sector being the backbone of the economy, merits special attention, therefore, the tariff structure has been rationalized for synthetic filament yarn to meet the long-standing demand of the sector.
- Furthermore, in view of the sensitivity of the pharmaceutical sector, more than 30 Active Pharmaceutical Ingredients (API) have been exempted from customs duties. Furthermore, raw materials of the first aid bandages manufacturing industry have also been exempted from customs duties so as to reduce the cost of local production of this important medical item. Besides, multiple exemptions/concessions in tariffs have also been given to many other sectors
Mr. Speaker,
- All the above budget proposals, indeed, aim at strengthening the national economy and also promoting a transparent, effective, and equitable tax system that ensures taxpayers’ facilitation and ease of doing business in the country.
- These proposed budgetary measures will certainly facilitate the implementation of the vision of the incumbent regime. There is no denying the fact that the approximate revenue leakage in the country comes to Rs.3 Trillion and a comprehensive plan is already afoot to curb tax evasion and thereby maximize revenue collection.
PART-III RELIEF MEASURES
Mr. Speaker
- Despite the fact that country is facing a severe fiscal crisis now we are aware of the hardships faced by government employees. Price hike has affected the household spending badly, especially that of salaried class but in spite of the severe fiscal difficulties and lack of resources. Salaries of government employees are being increased by 10% in order to improve their purchasing power.
Mr. Speaker!
- Everyone knows that our economy is under severe pressures. But everyone knows that we always preferred to serve the nation. The coalition government will eagerly sacrifice for coming out of this crisis. We promise that with public support and blessing of Allah we will stabilize the economy. In the end I appeal the whole nation that considering the situation of our homeland, it is the responsibility of every citizen to play their role for progress of our country. We will have to prove that we are a living nation.
May Allah Almighty help you Long live Pakistan!