Senate body discussed accords for avoidance of double taxation, prevention of fiscal evasion.

Islamabad -- The Standing Committee on Finance, Revenue and Economic Affairs on Friday reviewed and discussed agreements for the avoidance of double taxation and prevention of fiscal evasion.

The committee also deliberated over restriction on deduction of profit on debt payable to associated enterprises.

Special concessions have been awarded to items that are essential during COVID 19 Pandemic. The Committee appreciated the measures taken by the FBR to deal with vast consequences of the Pandemic.

Omission of collection of advance tax from dealers, commission agents and arhatis etc., by market committees was welcomed. This is an important measure to promote agriculture in the country.

Advance tax on education related expenses has been omitted as well. In an attempt to discourage the use of caffeinated drinks FED has been increased from 13 percent to 25 percent. Imported cigarettes, cheroots, cigarillos, cigars of tobacco and tobacco substitutes have been subjected to FED at 100 percent.

The Standing Committee on Finance, Revenue and Economic...