Focus on tax base expansion

LAHORE - The Punjab Assembly on Thursday unanimously - in the absence of the Opposition - passed the Finance Bill 2008-09 with a few amendments in the imposition of the taxes on luxury vehicles, enhanced entertainment fee at the Race Club, and levying of duties.

Punjab Finance Minister Tanvir Ashraf Kaira moved the Finance Bill in the House besides laying the schedule of authorised expenditure for the year 2008-09. Acting Speaker Assembly Rana Mashhood Ahmed read the amendments in the House, which started its proceedings with a delay of about an hour. However, the House will meet on Friday at 9 am to discuss the Supplementary Budget.

After the Federal Government's decision, the Punjab government had already increased one percent General Sales Tax, that is, from 15 percent to 16 percent, while no new direct tax had been levied.

The Bill has proposed to broaden the base of stamp duty by its levying on new documents of consent decrees and transfer of right or interest relating to an immovable property by a development authority, housing authority, statutory body, cooperative housing society, company or developer.