KARACHI: Sindh Minister for Law and Parliamentary Affairs Sikander Mandhro on Tuesday said that draft of Sindh Agriculture Income Tax Act 2014 would be presented in the next assembly session for discussion.
Talking to media at his office, Mandhro said that the committee formed by Chief Minister Sindh Qaim Ali Shah has prepared its recommendations which are made public for getting recommendations. “The draft of the act will be distributed among provincial lawmakers for their feedback,” he said.
He said that committee formed by Qaim Ali Shah had representation of stakeholders including members of Sindh Abadgar Board and Sindh Chamber of Agriculture. “We do not want to make laws that do not have confidence of stakeholders,” he said adding that the stakeholders were asked to make draft of their own choice so that they feel no hesitation in paying taxes after the bill is approved.
He said that it was a wrong perception that agriculturists were exempted from the tax net, adding that they are paying several taxes including agricultural income tax, water tax, drainage tax, local cess tax and other indirect taxes.
The salient features of the bill that was prepared include deductions of management expenses including purchasing of seeds, fertilizers and pesticides, expenses on hiring animal, tractors and other equipments, fuel charges and electricity bills of tube wells and any other expenses in harvesting fields.
Other deductible allowances include Zakat, workers welfare fund and charitable donations.
It said that minimum income tax would be applicable to cultivated land of more than 16 acres or 675 PIUs. The proposed bill has also raised taxable slab for charging the agricultural income tax from Rs 80,000 to Rs400,000 while the maximum tax percentage to be charged on income would range from 5 percent to 30 percent on different income levels.
Speaking on the occasion, the convener of the committee and President Sindh Abadgar Board Abdul Majeed Nizamani said that agriculturists were ready to pay taxes to the government if it agrees to pay back amount of several indirect taxes as done in the case of industrialists and other business community.
He cited examples of India and other countries that were giving huge subsidy to the agriculture sector and demanded of government to also give them subsidy in order to boost this sector.
The post Sindh Agriculture Income Tax bill in next PA session: Minister appeared first on Pakistan Press International.