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Federal excise, sales, income tax ordinances laid in NA - Lahore_Real_Estate - 06-16-2011 12:11 PM
ISLAMABAD: Minister for Religious Affairs Syed Khursheed Shah on Tuesday laid Federal Excise (amendment) Ordinance, 2011, Income Tax (amendment) Ordinance, 2011, Sales Tax (amendment) Ordinance, 2011 and National University of Modern Languages (amendment) Ordinance, 2011 in the National Assembly as required by clauses (2) Article 89 of the Constitution.
He laid the ordinances on behalf of Minister for Finance, Revenue, Economic Affairs, Statistics and Planning and Development Dr Abdul Hafeez Shaikh.
He said to enhance tax revenues during the current financial year, the government promulgated the Federal Excise (amendment) Ordinance 2011, Income Tax (amendment) Ordinance, 2011 and Sales Tax (amendment) Ordinance, 2011.
The said ordinances have amended the Federal Excise Act, 2005 to increase the rate of Special Excise Duty from 1 percent to 2.5 percent, Income Tax Ordinance, 2001 to provide for the levy of 15 percent surcharge on income tax payable during the period from the date of promulgation and Sales Tax Act 1990 to elaborate the purpose of imposition of 17 percent sales tax on tractors.
The objects and reasons of National University of Modern Languages (amendment) Ordinance, 2011 was to improve National University of Modern Languages Ordinance, 2000 as there have been disturbances and incidents of indiscipline in the university in the recent past which has necessitated the appropriate amendments.