Summary Nawaz Sharif vows to make amendments in law to accommodate dual nationality holders.
ISLAMABAD (Dunya News) - Prime Minister Mian Nawaz Sharif vowed to make amendments in law to accommodate dual nationality holders, terming expats role in economic uplift very important.
Addressing businessmen here on Thursday, PM Nawaz Sharif announced a special package of incentives to attract investment and promote tax payment culture in the country.
Under the package announced by the PM, the government would not ask for source of investment made in green field projects or expansion of the existing projects provided the investment is made after first of January next year.
This incentive would be available for industries in construction especially low cost housing; Thar coal projects in Sindh and mining projects in KPK and Balochistan.
He said there would be a negative list of industries to which this incentive would not be applicable. These are weapons‚ ammunition‚ fertilizer‚ sugar‚ cigarettes‚ beverages‚ cement‚ textile spinning units‚ flour mills and ghee and edible oil mills.
The Prime Minister‚ however‚ made it clear that the sources of income that are hit by Narcotics Act of 1977; Anti-Terrorism Act of 1977 and Anti-Money Laundering Law would not be protected under the new incentive.
He said in order to encourage tax payers; Privileged Tax Payers Cards would be issued to four hundred people paying more tax in different categories including chief executive officers; association of persons; salaried and non-salaried.
Holders of the card would be able to use VIP lounges at airports; their immigration would be done on fast track‚ passports would be issued gratis and their existing baggage allowance would be increased from 500 to 5000 dollars from March next year.
The Prime Minister said excellence awards would also be given to ten top most tax payers in each category and he himself would be hosting annual dinner in their honour.
Mian Nawaz Sharif announced tax returns of all those who have paid at least 25% more tax than last year would be exempt from total audit. For this purpose‚ the last date for filing of tax returns is being extended to 15th of next month. Those who have already filed their returns can also avail this facility by revising their returns.
He said tax returns of those who have been filing for the last five years would also be exempt from audit provided they pay at least twenty thousand rupee of tax.
He said those acquiring NTN for the first time would be exempt from penalty and default surcharge provided they pay at least 25000 rupee tax. Special incentives would also be available to ten top most tax payers from among the new tax payers.
The Prime Minister announced that the power previously given to FBR chairman and its members to access bank accounts stands withdrawn for those who are tax payers.
He said federal and provincial governments would also facilitate in establishment of Special Economic Zones by recognized trade bodies. Provincial governments would also facilitate in acquisition of the land for the purpose at market rates.
Nawaz also announced to establish commercial courts across the country to facilitate traders.
