Sardar zulfiqar khan khosa, Former Governor of Punjab, Pakistan

Islamabad, Jan 14 Pakistan's National Assembly or lower house of parliament has passed the Finance (Supplementary) Bill 2021 to generate additional revenue and bring financial reforms.Finance Minister Shaukat Tarin presented the bill before the National Assembly for voting during the session that concluded late Thursday night, reports Xinhua news agency.Addressing the session, the Finance Minister said the government presented the bill to bring financial and tax reforms for the socio-economic development of common persons in the country.Tarin added that the new reforms would bring more people into the tax net and help the country document the finance and businesses.Speaker of the House Asad Qaiser read out all clauses of the bill and asked members to stand in favour of the bill and remain sitting if they are against it.The Speaker gave the ruling that all the clauses of the bill presented by the finance minister had been passed in the house.However, before the start of the voting, the Finance Minister took back clauses of the bill to impose taxes on bread, milk, bakery items, red chillies, iodized salt, solar panels and laptops following concerns from allied parties of the government.In June last year, the government presented the annual budget for the period from July 2021 to June 2022, which was also passed by the lower house with a clear majority.Local media quoting official sources said that the finance supplementary bill amended certain laws related to taxes and duties, a requirement by the International Monetary Fund to review Pakistan's extended fund facility.Under the bill, the government will impose a sales tax of 8.5 per cent on up to 1,800cc domestic and hybrid cars, 12.75 per cent tax on 1,801cc to 2,500cc hybrid vehicles and will charge 12.5 per cent taxes on imported electric vehicles, said the Minister.However, the government reduced duty on locally manufactured 1,300cc vehicles from 5 per cent to 2.5 per cent, from 10 per cent to 5 per cent on locally manufactured 1,300cc to 2,000cc cars, and kept 10 per cent tax on locally manufactured cars having engine capacity of more than 2,000cc, he added.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Sardar Zulfiqar Khan KhosaFOLLOW

Sardar zulfiqar khan khosa, Latest News

Pakistan Prime Minister Imran Khan will attend the scheduled Beijing Winter Olympic ceremony next month despite the West's Boycott. ...

Pakistan government requested the Supreme Court on Thursday for 3 more weeks to submit Army Public School (APS) attack case report. ...

New Delhi, Jan 14 The Pakistan government is considering reimposing Coronavirus restrictions, particularly on weddings, due to an ... ...

New Delhi, Jan 14 Former Pakistan leg-spinner, Danish Kaneria, said on Friday he is feeling "humiliated" and "dejected" ... ...

As the COVID-19 cases continue to rise in Pakistan's Sindh province, the state has said that the decision to impose a lockdown will be taken after recommendations from federal bodies, reported local media. ...

Pakistan's Prime Minister Imran Khan has signed the public version of the first-ever National Security Policy of Pakistan on Friday, for the years 2022-2026. ...

New Delhi, Jan 14 For the first time in the history of Pakistan, petrol price is expected to ... ...

Islamabad, Jan 14 Pakistan's National Assembly or lower house of parliament has passed the Finance (Supplementary) Bill 2021 ... ...