Finance Bill 2018-19 has been passed in National Assembly – Research Snipers

Finance Bill 2018-19 has been passed in National Assembly

Today the National assembly has passed the Finance Bill 2018-2019 providing legal over to the budget proposals for the next fiscal year 2018-19.

According to the sources present in the national assembly, the National Assembly has accepted Rs5.2 trillion amended bill. The members gave proposals during the debate on budget and several recommendations from Senate have been accepted into the bill either fully or partially depending on the nature of recommendation, however, the basic structure of the budget would remain the same as it was announced on April 27 by the Finance Minister.

The new full-year budget forecasts relief and incentives for the industries including agriculture, textile and the various segments of the society.

Moreover, Minister for Finance Dr. Miftah Ismail said, people who have dollar accounts must be tax filers. “Non-filers are not allowed to keep dollar accounts.

There is no restriction for overseas Pakistanis for sending remittances to the country, However, overseas Pakistanis who send more than $100,000 in Pakistan, their source of income/funding would be questioned. People sending money to Pakistan must reveal their source of income. If Federal Board of Revenue (FBR) receives more than Rs10 million in remittances, it will be investigated—Miftah added.

Giving remarks on tax exemption on organizations, Miftah said some specific welfare organizations are exempted from the taxation. PPP’s Dr. Azra Pechuho questioned why not all the welfare organizations are exempted from the tax, Miftah replied that FBR has the right to decide which welfare organization they think should be exempted.