Finance Minister held a press conference at Punjab House

The Federal Minister for Finance Senator Mohammad Ishaq Dar held a press conference at Punjab House on Sunday evening at Punjab House.

The Minister said” on 15th May 2015, Chief Minister KP requested to extend Customs Act 1969 to PATA.

Later, the KP government moved a summary for extension of Customs Act, 1969 to PATA in light of the recommendations of Apex Committee.

The President of Pakistan approved the request and notification was done on 28th March 2016. The people of PATA protested.

SAFRON Ministry forwarded a summary moved by the KP government of 5th May 2016 which recommended that the President of Pakistan may approve repealing the extension of the Customs Act 1969 to PATA due to economic situation and poverty of the region.

During the budget session several parliamentarians from KP and FATA requested for the repeal of the Customs Act in the region.

Finance Minister promised in the budget session to place the matter before the Prime Minister on his return from abroad.

On advice of the Prime Minister the President of Pakistan has repealed the extension of Customs Act 1969 to PATA.

The Minister also clarified that the Capital Gain tax on property is not applicable for one time on the heirs of Shuhda, and government servants who receive plots in acknowledgment for their services for government will only pay half the CGT ( on the first transaction).

Source: Ministry of Finance