RGST bill sent to standing committee

Report on the bill will be presented within the next 14 days.


Express November 20, 2010

ISLAMABAD: The draft of the reformed general sales tax (RGST) bill 2010 has been dispatched to the Senate’s standing committee on finance.

According to sources, the committee, headed by Senator Ahmed Ali, is due to meet on Monday to examine the bill and will present its report within 14 days after which the bill will be sent back to parliament for approval.

Sources said that a mini bill must be approved by parliament within 26 days. It is expected that all stakeholders will be consulted while proposing amendments to the bill.

Sources added that meetings will also be held to resolve the differences between the federation and the provinces about taxation on seven services and it is expected that a roadmap will be agreed upon in two to three meetings.

Earlier, the cabinet approved both the RGST bill 2010 and a 10 per cent income tax surcharge. The RGST bill is expected to come into force on January 1, 2011.

Published in The Express Tribune, November 20th, 2010.

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