Key Takeaways
- The federal government has abolished Super Tax for exporters and businesses earning less than 500 million rupees.
- Prime Minister Shehbaz Sharif is focusing on reforms in the Federal Board of Revenue (FBR) and Pakistan Customs to combat corruption.
- Faceless Customs Assessment (FCA) system has been introduced to facilitate trade and reduce human interface in customs clearance.
State Minister for Finance Bilal Azhar Kayani informed the Senate that the Super Tax has been reduced from 10 to 8 percent for businesses earning more than 500 million rupees annually. The reduction is part of the government's efforts to improve the business environment.
Kayani stated that the Super Tax will be further reduced based on the availability of fiscal space, indicating a flexible approach to tax policy.
The government is also working on enhancing the Export Facilitation Scheme to support exporters, allowing them to import raw materials with tax incentives.
Under the PM’s ApnaGhar Scheme, loans up to 10 million rupees are provided at a 5 percent interest rate, aimed at supporting small and medium enterprises.
Prime Minister Shehbaz Sharif is particularly focusing on reforms within the FBR and Pakistan Customs to eradicate corruption and digitize operations. The FCA system has been introduced to minimize human interaction in customs clearance.
Kayani mentioned that a task force has been established at airports to ensure transparency in customs operations, further emphasizing the government's commitment to reform.
According to the state minister, 114 complaints were received against Pakistan Customs Services (PCS) officers, with penalties imposed in 45 cases, 47 cases dropped, and 22 cases under investigation.
Additionally, 113 complaints were received against Inland Revenue Service (IRS) officers, with penalties imposed in nine cases, 71 cases dropped, and 33 cases under investigation.
The Senate session was abruptly adjourned on Friday due to a lack of quorum, with the House unable to transact its scheduled business agenda.
