Arrest not possible in cases of up to Rs50mn without court warrant: FinMin 

Islamabad: Finance Minister Muhammad Aurangzeb has said that the powers of the Federal Bureau of Revenue (FBR) have been reviewed, and arrests will not be made without a court warrant in cases up to Rs50 million.

Concluding the debate on the budget in the National Assembly session, the Finance Minister stated that people above the age of 75 are exempt from tax, there will be tax on pensions above Rs10 million, there will be no withholding tax on personal residence for 15 years, and there will be 20 percent tax on investment in government securities.

Muhammad Aurangzeb added that he is aware of the tax burden on the salaried class, so it has been decided to reduce the tax on income between Rs0.6-1.2 million to 1 percent. A tax was proposed on e-commerce; e-commerce has been transferred to an easy system, and the tax will be limited. Tax will not be levied on gratuity, while private businesses will be able to get more loans.

The Finance Minister further said that the powers of the FBR have been reviewed again; in cases of up to Rs50 million, arrests will not be made without a court warrant, and arrests will be made by a three-member FBR committee instead of an officer.

He also stated that the business environment is improving. The industrial policy will be launched soon. The government has presented a balanced budget and reduced financial expenses. Work will be done only on those dams that have already been approved.