ISLAMABAD: The Senate Standing Committee on Finance has approved a 100% increase in the car registration tax for non-filers and has asked the Federal Board of Revenue (FBR) to bring any laws in the form of a bill rather than an ordinance.
On Saturday, the Senate committee met under the chairmanship of Saleem Mandviwalla. Senators Sadia Abbasi, Talha Mehmood, Zeeshan Khanzada, and Anwarul Haq Kakar, as well as FBR Chairman Asim Ahmad and other policy and administrative officials, attended the meeting.
Pakistanis would have to pay a 1% capital value tax (CVT) on their declared property in Dubai, London, and New York, according to FBR officials.
The FBR intends to raise Rs10 billion by imposing a 1% capital value tax (CVT) on Pakistanis’ liquid foreign assets, another Rs8 billion by imposing a 1% CVT on Pakistani property
The committee chairman told FBR officials that any regulation should be presented in the form of a bill rather than an ordinance.
During his briefing at the meeting, the FBR chairman stated that the problem of reimbursements from the Pakistan Pharmaceutical Manufacturers Association (PPMA) had been settled. The refunds have not been made for the past four and a half months, according to the PPMA spokesperson.