210429 - Budget Presentation - Meeting with Mr. Shaukat Tareen - Short

Unlike commercial importers [usually in the form of individuals / AOP] and land / immovable property owners, even if shares of a Company are sold after 20/50 years, the same is subject to the levy of income tax on gain without appreciating the fact that value of the Company is increased via profits on which tax has already been paid. [...] Minimum tax [MT] law be rationalized to: (i) exempt all listed company from MT (ii) reduce rate of MT by 0.2% annually to be ultimately brought down to 0.5% for all other companies (iii) carry forward and adjustment of MT be allowed even in case of loss year (iv) SEZ be exempted from the levy of MT (v) allow exemption from all taxes [including MT] to expansion / expansion / BMR projects [inline wi. [...] Corporate service providers be subject to tax under normal tax regime instead of Minimum tax and rate of withholding on all services rendered by companies be reduced down to 3%. [...] In order to promote recycling and value addition of waste material and to promote environment friendly business structures, purchase of waste / used material should be exempted from income tax / sales tax withholding as an initial step for atleast 5 years. [...] f) Advance income tax is collected on sales of immovable property under section 236C, which is 1% for both filers and non-filers, should be increased for non-filers to 10% for properties of 900 square yards or more.