Prime Minister Nawaz Sharif on Wednesday approved the introduction of a Rs10 coin and the revision of the design of the Rs5 coin among other things.
The premier was chairing a federal cabinet meeting in Islamabad which discussed a 15 point agenda. The meeting was originally held on Saturday but the decisions were left pending until Wednesday.
Decisions on important development programmes, introduction of Rs10 coin, revision of Rs5 coin, Tax Law Amendment Ordinance 2016 and determination of sales tax on petroleum products featured prominently on the agenda.
Other important issues which received a nod in the cabinet meeting are: Tax Laws Amendment Ordinance 2016, publication of tax directories, notification under Clause (22A) of section 2 of the Sales Tax Act, 1990, determination of sales tax on petroleum products and Prime Minister’s Sustainable Development Goals Programme. Further, confirmation of decisions taken by the Cabinet Committee on Restructuring in the meetings held on December 13 2013 and July 2014 was also given, along with confirmation of decisions taken by the Cabinet Committee on privatization during its meetings held on November 26, December 9 and 12, 2014.
Confirmation was also given on decisions taken by the Cabinet Committee on privatisation in its meetings held on August 10, 11, September 17 and October 2, 2015.
Further approval to sign the initial draft of the Third Protocol to Agreement between Government of the Islamic Republic of Pakistan and the Government of the People’s Republic of China for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, was also given during the cabinet meeting.
Measures for granting medical treatment to poor citizens suffering from chronic diseases. was also discussed and approved.
An approval was also given to sign the initial draft for the revision of the convention between the Islamic Republic of Pakistan and the Swiss Confederation for the avoidance of double taxation with respect to Taxes on Income.
Extension of reduced withholding tax rate for non-filers under cection 236P on Income Tax Ordinance, 2001 up to December 31, 2016 was also approved, along with an approval to sign the Multilateral Convention on mutual administrative assistance in tax matters by Minister for Finance Ishaq Dar in the OECD Secretariat in Paris on September 14, 2016.
Ratification of decisions of the ECC dated August 29, 2016 also received approval, also with SAARC Agreement of Motor Vehicles and Railways for intra-regional connectivity.
Federal Minister for Finance Ishaq Dar and Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi among other members attended the meeting.
The meeting was convened earlier on Saturday but decisions on various important issues were delayed until Wednesd
