ISLAMABAD: Senate’s standing committee on Finance Friday raised questions over tax exemption to political parties and imposition of a tax on charity transactions in the Budget for 2021-22, ARY NEWS reported.
Briefing the meeting on Friday, the FBR officials said that an exemption previously given to charitable institutions in the transfer of funds to them has been lifted in the current budget.
“The tax will be paid by those giving the charity amount,” the FBR officials said. The Senate body, however, rejected the imposition of tax on charity amounts.
Furthermore, the committee also raised questions on exempting funding to political parties from taxation and rejected the proposal made in the budget, currently in discussion at the Parliament.
Read More: FY2021-22: Rs8.5tr federal budget announced with historic PSDP allocation
Senator Saleem Mandviwalla asked the FBR officials if political parties have asked for exemption in the transfer of funds to them. “We are being asked repeatedly by callers if political parties have sought exemption in this regard,” he said.
The Senate body directed the authorities to take out political parties from the exemption schedule as Saleem Mandviwalla said that no political party submits tax returns.
It is pertinent to mention here that Finance Minister Shaukat Tarin unveiled the Rs8.5 trillion federal budget 2021-22 in the National Assembly. The federal government has projected Gross Domestic Product (GDP) growth rate at 4.8% for the upcoming fiscal year 2021-22.
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