Islamabad(June 29, 2018): The Senate standing committee on finance has suggested extending the subsidies provided in the amendment to FATA and PATA for five years for existing industry.
The committee was held here under the chairmanship of Senator Farooq H. Naik and was attended by Senators Mohsin Aziz, Dilawar Khan, Khanzada Khan, Anwar ul Haq Kakar, Fida Muhammad, Mian Muhammad Ateeq Shaikh, and Spokesman of Federal Board of Revenue Dr. Muhammad Iqbal.
The committee was informed by a representative from Law Division that from July 1, 2018, FATA, PATA, and Malakand Division would be treated as same as the rest of the country and all taxation laws would also be implemented in this area.
Federal Board Of Revenue Has told that they have registered more than one lac illegal vehicles while the customs act is already implemented in FATA and PATA.
Noncustom paid vehicles will not be barred for five years as per the act recommendations while more than one lac cars have been registered.
The meeting emphasized the monitoring of the outsiders taking benefit from the incentives which must be monitored.
that the other territories should not benefit in the name of FATA.
Mian Ateeq also asked the chair to direct to FBR to extend the last date of the scheme for at least one month as most of the businessmen were not fully prepared to take benefit from the scheme due to lack of understanding.
Senator Mohsin Aziz remarked that a common Pakistani could not establish any factory in FATA before the merger and banks should be directed to provide loans for industrialization in FATA.
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