NA adopts Finance Supplementary Bill 2019 amid opposition’s protest

ISLAMABAD: The National Assembly on Wednesday passed Finance Supplementary (Second Amendment) Bill 2019 amid protest from opposition parties. Opposition members stood on their chairs and began protesting after Speaker Asad Qaiser allowed Finance Minister Asad Umar to table the bill. Pakistan Peoples Party (PPP) chairman Bilawal Bhutto Zardari also joined the protesting members. Umar, however, tabled the bill in the National Assembly. During voting on the bill, opposition members continued their protest and staged a walk-out from the house. Speaking to media outside Parliament House, Pakistan Muslim League-Nawaz (PML-N) lawmaker Ahsan Iqbal said for the first time in the history of Pakistan, finance bill was wound up like a five-over [cricket] match. The salient features of Finance Supplementary (Second Amendment) Bill 2019 are as follows: Import of plant and machinery by green field industrial projects to be exempted from customs duty • Firefighting equipment for special economic zones will be exempted from customs duty and advanced income tax • Sales tax refunds shall be liquidated through promissory notes or bonds by FBR • Proposed bonds shall be issued by FBR Refund Settlement Company • Non-filers will be allowed to purchase locally manufactured vehicles irrespective of engine capacity • Measures will be taken to address concerns of local manufacturers of motor vehicles • To encourage green field projects, business income will be exempted for 5 years • Industrial underlinings proposed for the minimum tax of their turnover • The bill proposed to exempt advance tax on profit payed on 'Pakistan Banao' certificates, 'Sarmaya Pakistan Limited' and duty drawback bonds
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