Recent deliberations by the Senate Standing Committee on Finance regarding the Finance Bill 2024 saw Federal Board of Revenue Chairman Zubair Tiwana facing criticism for proposed tax increases and punitive measures for non-filers. The discussions included concerns over tax hikes in various sectors, such as imported electric vehicles, cement, telecom, and beverages, with senators questioning the impact on investments.
Senator Faisal Vawda clashed with Tiwana over the tax hike on imported cars, highlighting discrepancies in tax rates for imported and locally manufactured vehicles. The telecom sector also expressed dissatisfaction with the SIM-blocking policy for non-filers, citing challenges in implementation.
Furthermore, debates on amendments to tobacco taxation, including penalties for retailers selling untaxed cigarette packs, and taxation on electronic cigarettes and nicotine pouches were held. The meeting also addressed concerns about inflation rates and uncertainty in revenue growth projections for the upcoming fiscal year.
This dynamic exchange of views in the Senate committee meeting highlights the complex and evolving landscape of taxation policies and their implications on various sectors in Pakistan.
Published in Dawn, June 21st, 2024