NA session Govt tables new taxation laws

ISLAMABAD: Two important legislations on taxation were introduced in the lower house of parliament on the first day of the New Year, showing the government’s ambitions to widen its tax net.

Finance Minister Ishaq Dar introduced the Income Tax (Amendment) Bill and the Financial Institutions (Secured Transactions) Bill in the National Assembly on Friday.

The income tax bill proposes providing a one-time opportunity to the traders to regularise their tax affairs by adopting a special and simplified procedure for assessment of their taxes. The financial institutions bill aims to provide for a legal regime for the creation, registration, priority and enforcement of security interests over movable property.

The NA speaker has referred both the bills to the relevant standing committees of the house, where only a few lawmakers had turned up to attend the session.

The legislation on income tax proposes some amendments in the Income Tax Ordinance of 2001. The provisions relate to tax payable on the profits of a trader who has not filed his returns till December 31, 2015, for the past 10 years shall be computed in accordance with the rules laid down in Part I of the Ninth Schedule. For the traders who are filers and hold NTN but has filed return in any of the last 10 preceding years shall be computed in accordance with the rules in Part II of  the Ninth Schedule.

The second bill provides for a legal regime for the creation, registration, priority and enforcement of security interests over movable property.

Opposition leader Khursheed Shah opted to remain silent during the session, where Imran Khan also came to witness the oath-taking ceremony of Pakistan Tehreek-e-Insaf leader Jahangir Tareen, who recently won the by-election in Lodhran. The PTI chief left the house soon after the ceremony.


Published in The Express Tribune, January 2^nd, 2016.