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Saturday, November 27, 2010

The Senate of Pakistan on Friday 26 Nov 2010 approved 15 recommendations for inclusion in Reformed General Sales Tax Bill, 2010 and four recommendations in Finance (Amendment) Bill 2010. Four recommendations which was approved in  Finance (Amendment) Bill 2010 are listed below:-

  
  • In clause 2(4A)(1) the words "having income above rupees five hundred thousand" be added after the words "every taxpayer".
  • In clause 2(4A)(1) the word "income" in third line be deleted.
  • In clause 2(4A)(2) the word "various" be substituted with the words "any of the".
  • In the Federal Excise Act, 2005, in Section 3A, in sub-section (1), the following proviso shall be added, namely:- "Provided that during the period from the commencement of the Act to 30th June, 2011, the said rate shall be two percent."

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