Substances registered as drugs and medicines: Senate committee recommends inclusion of insurance, bank guarantees

ISLAMABAD: On Friday, the Senate Standing Committee unanimously made recommendations for the inclusion of an insurance guarantee, a bank guarantee and a check for substances registered as drugs and medicines in under the Drugs Act 1976, and further recommended that the release of the guarantee could also be limited in time.

The Standing Senate Committee on Finance, Revenue and Economic Affairs met for the third day in a row under the chairmanship of Senator Muhammad Talha Mahmood, here in Parliament on Friday.

The committee also recommended a bank guarantee on the oil and steel industry. He also sought clarification from the Federal Board of Revenue (FBR) on pending cases regarding the release of guarantees. The RBF assured the committee that the report will be submitted within two weeks.

A public petition from Muhammad Fayyaz Qureshi, vice president of the Pakistan Association of Gemstone Jewelry Traders and Exporters, has been forwarded to the FBR. The president of the RBF invited all stakeholders, including exporters and importers, to a public hearing to achieve a single, consensual solution on the issue of the 17pc sales tax on the importation and supply of unrefined gold and silver and jewelry.

The committee also proposed a recommendation that a meeting should be arranged with the Senate Trade Committee, Finance Committee, RBF and all stakeholders to deliberate on the issue of the growing culture of smuggled gold in the region. country.

Goods imported by diplomats, missions: a Senate panel supports the imposition of 17 pc of GST

The president of the RBF assured that the RBF is working on the imposition of taxes in the agricultural sectors. “All sales tax differences are expected to be eliminated within the next five months,” said the chairman of the RBF. The committee unanimously accepted the proposal to fully document the matchbox industry. The committee proposed recommendations to increase the fixed tax on matches from Rs 90 to Rs 110 per kg.

The chairman of the FBR informed the committee that machinery is imported more than raw materials, in export processing zones. The committee approved the imposition of a sales tax on machinery imported from export processing zones. The FBR chairman said the main problem in the old FATA was post-dated checks.

FATA industries gave fake checks, he added. The committee considered that the importation of old FATA should be stopped until full payment of the tax. The meeting brought together Senator Zeeshan Khanzada, Farooq Hamid Naek, Saleem Mandiviwalla, Sherry Rehman, Mohsin Aziz, Dilawar Khan, Faisal Subzawari, Faisal Saleem Rehman and Masadik Masood Malik. President FBR and senior officials from attached departments were also present.

Commercial copyright recorder, 2022

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