Welcome to Central Board of Revenue , Government of Pakistan

Workmen’s Compensation Act

Clause 2

Seeks enhancement in wage limit of workers for entitlement to compensation

Factories Act

Clause 3(i)

Seeks enhancement in working hours for factories.

Clause 3(ii)

Seeks enhancement in working hour for women with condition for provision of transport facility.

Profession Tax Limitation Act

Clause 4

Seeks to rationalize professions tax

Public Investments (Financial Safeguards) Ordinance

Clause 5(1)	Seeks to replace the Companies Act of 1913 with Companies Ordinance, 1984.
Clause 5(2)	Seeks to exempt the entities privatized pursuant to the Privatisation Commission Ordinance, 2000 from the purview of the Public Investments (Financial Safeguards) Ordinance 1960.

West Pakistan Industrial and Commercial Employment (Standing Orders) Ordinance

Clause 6

Seeks to define “contract worker”.

Companies Profits Act

Clause 7(1)	Seeks amendment in definition of “workers”.
Clause 7(2)	Seeks to relax condition of payment of interest and penalty for defaulting employer to create a trust.
Clause 7(3)	Seeks enhancements in paid up capital and fixed assets for companies to pay profit share to the workers.
Clause 7(4)	Seeks amendments in categories of workers for entitlement to the share of profit.

Customs Act, 1969(IV of 1969)

Clause 8(1)	Seeks to amend section 2 of the Customs Act, 1969(IV of 1969) to define “audit”, “documents”, “surcharge” , “electronic duty drawback filing and payment system”; to amend the definition of “goods declaration” and “outstanding arrears”; and to omit the definitions of “bill of entry”, “bill of export”, “customs documents” and “customs practitioner”.
Clause 8(2)	Seeks to amend section 4 of the Customs Act, 1969 (IV of 1969) to insert the words “rules made thereunder” in order to clarify the powers and duties of the officers of customs.
Clause 8(3)	Seeks to insert two new sub-sections (5) and (6) in section 18 of the Customs Act, 1969(IV of 1969) to enable the Federal Government to levy “additional customs duty” at a rate not exceeding seventy five percent.
Clause 8(4)	Seeks to insert a new sub-section (2) in section 21A of the Customs Act, 1969 (IV of 1969) for payment of surcharge not exceeding fifteen percent per annum on the deferred amount of duties and taxes.
Clause 8(5)	Seeks to omit from the Explanation II of section 25 of the Customs Act, 1969 (IV of 1969) the citations of “bill of export or” and “131A” as the same are redundant.
Clause 8(6)	Seeks to renumber section 25A as section 25C and to insert a new section 25A of the Customs Act, 1969 (IV of 1969) to empower the Director of Customs Valuation and Collector of Customs for determining the customs value of goods after sequentially following the WTO prescribed methods of customs valuation.
Clause 8(7)	Seeks to amend section 25C of the Customs Act, 1969 (IV of 1969), as renumbered hereinabove, to empower the Collector of Customs, after approval of the Board, to take over the under invoiced goods.
Clause 8(8)	Seeks to substitute section 26 of the Customs Act, 1969 (IV of 1969) to clearly lay down the obligations of all concerned persons dealing with importation and exportation of the goods to produce documents and to provide all relevant information on demand by an appropriate officer of customs or the Board.
Clause 8(9)	Seeks to insert new sections 26A and 26B in the Customs Act, 1969 (IV of 1969) to elaborate the process of conducting an audit under the Customs Act, 1969 (IV of 1969) and access of the appropriate officer of customs for the purposes of audit.
Clause 8(10)	Seeks to amend section 27 of the Customs Act, 1969 (IV of 1969) by making it obligatory for an importer to inform the appropriate officer of customs before the examination of the goods in case of abatement claimed on the damaged or deteriorated goods, and to omit the citation of “Deputy Collector or” and to substitute the redundant citation of “bill of entry” with the “goods declaration”.
Clause 8(11)	Seeks to amend section 27A of the Customs Act, 1969 (IV of 1969) to make it obligatory for the importer to make a request for denaturing or mutilation of goods, if so required, before filing the goods declaration.
Clause 8(12)	Seeks to amend section 29 of the Customs Act, 1969 (IV of 1969) to omit the redundant citation of “bill of entry or bill of export or” and provide for the requirements of the Customs Computerized System in case of amendment of a goods declaration.
Clause 8(13)	Seeks to amend section 30 of the Customs Act, 1969 (IV of 1969) to omit the redundant citation of “bill of entry or”.
Clause 8(14)	Seeks to amend section 31 of the Customs Act, 1969 (IV of 1969) to substitute the citation “export duty” with “duty on goods exported” as there is no export duty leviable under the Customs Act, 1969 (IV of 1969), and to omit the redundant citations of “bill of export or” and “bill or”.
Clause 8(15)	Seeks to amend sub-section (4) of section 32 of the Customs Act, 1969 (IV of 1969) to insert the citation “any amount payable by him under the Act” to specify the liability of all dues instead of the present amount of duty only.
Clause 8(16)	Seeks to amend section 32A of the Customs Act, 1969 (IV of 1969) to substitute the redundant citation “bill of entry or bill of export or” with “goods declaration”.
Clause 8(17)	Seeks to amend section 35 of the Customs Act, 1969 (IV of 1969) to omit the redundant citation of “or Deputy Collector” and to substitute the redundant citation of “bill of export” with “goods declaration”.
Clause 8(18)	Seeks to amend section 65 of the Customs Act, 1969 (IV of 1969) to authorize the Collector of Customs to allow loading and discharge of goods round the clock and on all days on the customs stations where the Customs Computerized System is in operation.
Clause 8(19)	Seeks to amend section 79 of the Customs Act, 1969 (IV of 1969) by substituting sub-section (1) in a manner to clearly specify the time and manner for filing the declaration of imported goods after their arrival.
Clause 8(20)	Seeks to insert a new sub-section (5) in section 80 of the Customs Act, 1969 (IV of 1969) to provide for choice of appeal for importer against any assessment decision or order of the officer of customs.
Clause 8(21)	Seeks to insert a new section 81A in the Customs Act, 1969 (IV of 1969) to empower an officer of customs not below the rank of an Assistant Collector, to clear the import or export goods, in case of pressing circumstances, without completion of all the formalities with a view to facilitate the trade.
Clause 8(22)	Seeks to amend section 82 of the Customs Act, 1969 (IV of 1969) to reduce the time limit for clearance of goods from the existing one month to twenty days, further extendable by another ten days instead of existing fifteen days.
Clause 8(23)	Seeks to amend section 83 of the Customs Act, 1969 (IV of 1969) to limit the time for payment of duties and taxes assessed within seven days of the completion of assessment instead of existing thirty days.
Clause 8(24)	Seeks to omit section 83A of the Customs Act, 1969 (IV of 1969) to do away with the kind of additional customs duty leviable therein.
Clause 8(25)	Seeks to amend section 88 of the Customs Act, 1969 (IV of 1969) to substitute the redundant citation of “bill of entry” with “goods declaration”.
Clause 8(26)	Seeks to amend section 91 of the Customs Act, 1969 (IV of 1969) to allow the access of the appropriate officer of customs to all kinds of warehouses instead of the present access to the private warehouses only.
Clause 8(27)	Seeks to amend section 113 of the Customs Act, 1969 (IV of 1969) to omit the redundant citations of “bill of export or” and “of the bill of entry or goods declaration, if removed”.
Clause 8(28)	Seeks to amend section 115 of the Customs Act, 1969 (IV of 1969) to omit the citation of “after the discovery” to provide for notice from the owner of a warehouse within forty eight hours of the damage or destruction of the warehoused goods.
Clause 8(29)	Seeks to amend section 133 of the Customs Act, 1969 (IV of 1969) to substitute the redundant citation of “bill of export” with “goods declaration”.
Clause 8(30)	Seeks to amend section 134 of the Customs Act, 1969 (IV of 1969) to omit the redundant citation of “bill of export or”.
Clause 8(31)	Seeks to amend section 155C of the Customs Act, 1969 (IV of 1969) to omit the citation “in writing” to provide for an option to any person for registering online with the Customs Computerized System after online approval from the Collector of Customs.
Clause 8(32)	Seeks to amend section 155H of the Customs Act, 1969 (IV of 1969) to authorize the department for use of information and data of the Customs Computerized System.
Clause 8(33)	Seeks to insert sections 155Q and 155R in the Customs Act, 1969 (IV of 1969) to provide for legal coverage to the electronic exchange of information and authentication through the Customs Computerized System, and to empower the Collector of Customs for the correction of clerical, system and data errors occurring in the Customs Computerized System.
Clause 8(34)	Seeks to amend sub-section (1) of section 156 of the Customs Act, 1969 (IV of 1969) to omit redundant citations of “a bill of entry or bill of export or” and “bill of export or”, and to specify the penalties for violation of the provisions of sections 26, 26A, 26B, 79 and 211 by substituting the entries at serial numbers 12 and 96, and inserting new entries 12A, 12B and 47A of the Table thereto.
Clause 8(35)	Seeks to amend section 174 of the Customs Act, 1969 (IV of 1969) to omit the redundant citation of “bill of export or”.
Clause 8(36)	Seeks to amend section 179 of the Customs Act, 1969 (IV of 1969) by substituting sections (1) and (2) of section 179 with a view to enhance the adjudication powers of the Deputy Collector from the existing four hundred thousand rupees to five hundred thousand rupees, the Assistant Collector from existing fifty thousand rupees to two hundred and fifty thousand rupees, while withdrawing the adjudication powers of the Superintendent and Principal Appraiser, and to insert a new sub-section (5) of the Customs Act, 1969 (IV of 1969) to provide for extension upto 31^st day of December 2006 of the pending adjudication cases, which expire by the first day of July 2006.
Clause 8(37)	Seeks to amend section 195 of the Customs Act, 1969 (IV of 1969) to omit the redundant citation of “or the Collector of Customs (Adjudication)”.
Clause 8(38)	Seeks to amend section 195C of the Customs Act, 1969 (IV of 1969) to substitute with the citation “Alternate” with “Alternative” , to entertain only those disputes in the Alternative Dispute Resolution Committees which are under litigation in any court of law, to include the retired judges of the District and Session Courts and High Courts in the panel of the committees, and to provide for forty five days time limit for the Committee to finalize recommendations, further extendable by another forty five days by the Board on a specific request of the Committee.
Clause 8(39)	Seeks to amend section 196 of the Customs Act, 1969 (IV of 1969) to authorize Additional Collector and Collector to file an appeal before the High Court by substituting sub-section (1) accordingly, to authorize an authorized officer by the Collector for dealing with the court matters under sub-sections (6) and (9), and to provide legal sanctity to the appeals to the High court filed by any lower rank officer than Collector authorized by the Collector by inserting new sub-section (10) of the Customs Act, 1969 (IV of 1969).
Clause 8(40)	Seeks to amend section 201 of the Customs Act, 1969 (IV of 1969) to authorize the appropriate officer of customs to give notice for auction to the agent of the owner or custodian of the goods instead of to the owner of the goods only.
Clause 8(41)	Seeks to insert a new section 202A in the Customs Act, 1969 (IV of 1969) for levy of surcharge at a rate of one and half percent per month, if any person fails to pay the arrears within the prescribed time.
Clause 8(42)	Seeks to substitute section 211 of the Customs Act, 1969 (IV of 1969) to explicitly provide for the responsibility of persons dealing with the importation or exportation of goods to maintain specified records etc. upto a period of three years.
Clause 8(43)	Seeks to insert a new section 211A of the Customs Act, 1969 (IV of 1969) to provide access to the appropriate officer of customs to the premises and records to the business or manufacturing premises of an importer who imported the goods at a notified reduced rate of duty and taxes.
Clause 8(44)	Seeks to amend sections 160, 163, 176 and 205 of the Customs Act, 1969 (IV of 1969) to omit the redundant citation of “or Deputy Collector”.
Clause 8(45)	Seeks to amend The Third Schedule to the Customs Act, 1969 (IV of 1969) to substitute the redundant citation of “Bill of export” with “the Goods declaration”.
Clause 8(46)	Seeks to amend The First Schedule to the Customs Act, 1969 (IV of 1969).

West Pakistan Shops and Establishments Ordinance

Clause 9(1)	Seeks provision of non-day weekly rest to each worker and fixed weekly holiday for the establishments.
Clause 9(2)	Seeks enhancement of yearly over-time working hours.
Clause 9(3)	Seeks exclusion of piece rate workers from payment of over-time.
Clause 9(4)	Seeks limitation of working hours upto 12 hours in a day.

Securities & Exchange Ordinance

Clause 10

Seeks to amend the law to define ‘commodity, futures contracts, corporatisation, de-materialization, exchange and integration and to further rationalise the law.

Minimum Wages for Unskilled Workers

Clause11

Seeks enhancement of wages for unskilled workers.

Workers Welfare Fund Ordinance

Clause12

Seeks amendments for an enabling labour regime and investment friendly environment.

Employees’ Old-age Benefits Act

Clause13

Seeks enhancement of minimum pension for insured persons.

Price Control Act

Clause14

Seeks to enforce price control mechanism through on-the-spot trial of offences relating to prices.

Amendment of Finance Act, 1989 (XV of 1989)

Clause-15 (1)

(i) Seeks to make some editorial change and to introduce the definition of Urban areas.

(ii) Seeks to levy CVT on immovable property.

(iii) Seeks to exempt purchase of air tickets from CVT

(iv) Seeks to enhance the rate of CVT on purchase value of shares from 0.01% to 0.02%.

Sales Tax Act, 1990

Clause 16(1)(i)	Seeks to define the terms “common taxpayer identification number” and “computerized system”.
Clause 16(1)(ii)	Seeks to define the term “e-intermediary”.
Clause 16(1)(iii)	Seeks to substitute sub-clause (d) of clause (14) of section 2.
Clause 16(1)(iv)	Seeks to define the term “sales tax account”.
Clause 16(1)(v)	Seeks to amend clause (33) of section 2 to exclude financial or operating lease from the definition of “supply”
Clause 16(1)(vi)	Seeks to add a new proviso in clause (46) of section 2.
Clause 16(1)(vii)	Seeks to amend clause (47) of section 2 to align the definition of “wholesaler” with the Income Tax law.
Clause 16(2)	Seeks to add a new clause in sub-section (1) of section 8.
Clause 16(3)	Seeks to add a new provision of law to introduce the concept of joint & several liability for all partners in the supply chain.
Clause 16(4)	Seeks to amend sub-section (2) of section 10.
Clause 16(5)	Seeks to substitute section 11A to enable the department to recover short paid amount of tax without show cause notice.
Clause 16(6)	Seeks to omit an existing provision of law to simplify legislation governing exemptions.
Clause 16(7)	Seeks to add a new clause in sub-section (1) of section 22.
Clause 16(8)(a)	Seeks to omit the word “monthly” from the marginal note of section 26.
Clause 16(8)(b)	Seeks to amend sub-section (1) of section 26.
Clause 16(8)(c)	Seeks to substitute sub-section (3) of section 26 to provide time limit for filing of revised return.
Clause 16(9)	Seeks to add a new proviso in sub-section (1) of section 32A to allow the Chartered Accountants to conduct audit of refund claims.
Clause 16(10)	Seeks to amend section 33 to provide penalties for repeated offence, non-submission of summary of sale & purchase invoices and contraventions relating to the provisions of section 50A.
Clause 16(11)	Seeks to add a new provision of law to enable the department to call for third party information.
Clause 16(12)	Seeks to omit section 40A to withdraw the powers of Sales Tax Officer to search without warrant.
Clause 16(13)	Seeks to add a new provision of law to extend the time limit on ‘one time basis’ in respect of cases pending adjudication.
Clause 16(14)	Seeks to omit an existing provision of law.
Clause 16(15)	Seeks to amend sub-section (1) of section 46 to substitute the words “Sales Tax Department” with the words “Officer of Sales Tax not below the rank of Additional Collector”.
Clause 16(16)(a)	Seeks to substitute the words “Additional Collector” for the words “Deputy Collector” in sub-section (1) of section 47.
Clause 16(16)(b)	Seeks to amend sub-section (7) of section 47.
Clause 16(16)(c)	Seeks to amend sub-section (10) of section 47.
Clause 16(16)(d)	Seeks to add a new sub-section in section 47.
Clause 16(17)(a)	Seeks to substitute the word “alternative” for the word “alternate” in the heading of section 47A.
Clause 16(17)(b)	Seeks to amend sub-section (1) of section 47A.
Clause 16(17)(c)	Seeks to amend sub-section (2) of section 47A to revise the composition of Alternative Dispute Resolution Committees.
Clause 16(17)(d)	Seeks to substitute sub-section (5) of section 47A.
Clause 16(18)	Seeks to add a new provision of law to enable the Board to prescribe the use of Computerized System.
Clause 16(19)	Seeks to add a new provision of law to enable the Board to appoint e-intermediaries.
Clause 16(20)	Seeks to amend the Third Schedule.
Clause 16(21)	Seeks to amend the Sixth Schedule.

Income Tax Ordinance (XLIX OF 2001).

Clause – 17 (1)	(a) Seeks to define “Approved Employment Pension or Annuity Scheme” and “Approved Occupational Saving Scheme”. (b) Seeks to omit the limit on contribution to an Approved Pension Fund. (c) Seeks to enlarge the definition of an “Eligible Person” and also reiterates the limit of available tax credit. (d) Seeks to modify the definition of “Permanent Establishment”. (e) Seeks to define “Real Estate Investment Trust” and “Real Estate Investment Trust Management Company”.
Clause-17 (2)	Seeks to impose fixed tax on income from property.
Clause-17 (3)	Seeks to omit allowable deductions in computing income from property
Clause-17 (4)	(i) Seeks to remove limit/restriction on expenses incurred by an employer on provision of perquisites to employees. (ii) Seeks to clarify allowability of expenditure made other than through normal banking channels
Clause-17 (5)	Seeks to make an editorial correction.
Clause-17(6)	Seeks to specifically exempt the Federal Government, a Provincial Government or a local authority from collection or deduction of advance tax.
Clause-17 (7)	Seeks to enhance the limit of investment in shares of IPOs in order to claim tax credit.
Clause-17 (8)	(a) Seeks to make editorial correction necessitated by modification in the definition of eligible person. (b) Seeks to make editorial correction necessitated by modification in the definition of eligible person. (c) Seeks to extend the threshold date for making additional contribution to Voluntary Pension Scheme. (d) Seeks to introduce the condition to qualify for tax credit in the case of transfer of existing balance from pension or annuity scheme to individual pension accounts under the Voluntary Pension Scheme.
Clause-17 (9)	Seeks to improve the definition of resident individuals.
Clause-17 (10)	Seeks to enlarge the scope of tax on retailers.
Clause-17 (11)	(a) Seeks to make it mandatory for a non-profit organization or a welfare institution to file return of income. (b) Seeks to make an editorial change.
Clause-17 (12)	(a) Seeks to include persons deriving income from property in the category of persons who have to file a statement in the prescribed form instead of a return of income. (b) Seeks to include certain categories of persons who should file a statement in the prescribed form instead of a return.
Clause-17 (13)	Seeks to authorize the RCIT to review any matter related to issuance of an exemption certificate.
Clause-17 (14)	(a) Seeks to make an editorial correction (b) Seeks to clarify the scope of Alternative Dispute Resolution (ADR). (c) Seeks to remove an ambiguity in the provision with regard to ADR.
Clause-17 (15)	(a) Seeks to exempt certain categories of persons from the scope of advance tax. (b) Seeks to charge advance tax on the basis of current year estimate of income or the latest assessed income whichever is higher.
Clause-17 (16)	(a) Seeks to exclude imports of cars and fertilizers by their manufacturers from the ambit of final tax regime. (b) Seeks to reduce the exemption of Withholding Tax from 100% to 75% in the case of certain importers.
Clause-17 (17)	Seeks to bring certain profits on debt into the fold of final tax regime.
Clause-17 (18)	Seeks to consolidate the taxation regime of non-resident persons.
Clause-17 (19)	(i) Seeks to consolidate the concessionary regime in respect of certain export related services. (ii) Seeks to make an editorial correction necessitated by consolidation of taxation regime of non-residents. (iii) Seeks to extend final tax regime to include services. (iv) Seeks to make an editorial correction necessitated by consolidation of taxation of non-residents. (v) Seeks to enforce disclosure of National Tax Number/CNIC for certain transactions. (vi) Seeks to enlarge the definition of prescribed person.
Clause-17 (20)	Seeks to enlarge the scope of final tax regime to include export related indenting commission.
Clause-17 (21)	(a) Seeks to make an editorial change. (b) Seeks to bring income from property into final tax regime. (c) Seeks to enlarge the definition of “prescribed person”.
Clause-17 (22)	(a) Seeks to provide relief to pensioners participating in the Voluntary Pension Scheme who have suffered disability. (b) Seeks to provide relief to survivors of the deceased pensioners who have participated in the Voluntary Pension Scheme.
Clause-17 (23)	(a) Seeks to provide filing of monthly withholding returns. (b) Seeks to empower the Commissioner to grant extension for filing of statements and to facilitate e-filing of periodical statements.
Clause-17 (24)	(a) Seeks to make an editorial correction. (b) Seeks to make an editorial correction. (c) Seeks to make an editorial correction necessitated by consolidation of an enlarged final tax regime. (d) Seeks to make an editorial correction.
Clause-17 (25)	(a) Seeks to make an editorial correction. (b) Seeks to make an editorial correction. (c) Seeks to make an editorial correction necessitated by consolidation of an enlarged final tax regime.
Clause-17 (26)	(a) Seeks to extend the scope of additional tax in case of default in payment of advance tax. (b) Seeks to enforce payment of advance tax with minimum deviation from the exact liability.
Clause-17 (27)	Seeks to make circulars issued by CBR binding on all income tax authorities.
Clause-17 (28)	Seeks to enlarge the scope of withholding tax on cash withdrawal from banks.
Clause-17 (29)	Seeks to extend the scope of final tax regime in case of brokerage and commission to include non-residents.
Clause-17 (30)	(i)(a) Seeks to prescribe a new rate card for non-salaried taxpayers and salaried taxpayers. (i)(b) Seeks to reduce tax rate on inter corporate dividend in the case of resident companies. (i)(c) Seeks to prescribe fixed rate of tax for income from property. (ii)(a) Seeks to reduce withholding tax rate in the case of government securities. (ii)(b) Seeks to equate the withholding tax rate in the case of services with other contracts at 6%. (ii)(c) Seeks to make an editorial correction. (iii)(a) Seeks to make rate of tax for brokerage and commission uniform at 10%. (iii)(b) Seeks to enhance withholding tax in the case of stock exchange transactions. (iii)(c) Seeks to enhance withholding tax rate in the case of cash withdrawals.
Clause-17 (31)	(i)(a) Seeks to extend exemption to seafarers working on Pakistan Flag Vessels (i)(b) Seeks to make editorial changes. (i)(c) Seeks to make editorial changes. (i)(d) Seeks to extend exemption to REITs and accumulated balances upto 25% received from Voluntary Pension System. (i)(e) Seeks to grant power to Regional Commissioner for approval of NPOs. (i)(f) Seeks to make editorial changes. (i)(g) Seeks to omit exemption to markup in carry over trade by mutual funds etc. (i)(h) Seeks to extend exemption to Venture Capital Funds upto 2014. (i)(i) Seeks to exempt subsidies granted by Federal Government. (i)(j) Seeks to grant exemption to oil fired power projects. (i)(k) Seeks to grant exemption to export of locally produced television programs. (i)(l) Seeks to grant exemption to corporatization of stock exchange members along with a room at the stock exchange. (i)(m) Seeks to make some editorial corrections and also discontinue some exemptions. (ii)(a) Seeks to discontinue some exemptions. (ii)(b) Seeks to prescribe reduced rate of withholding tax at import stage in respect of certain goods. (iii)(a) Seeks to reduce the age limit for senior citizens availing tax concessions. (iii)(b) Seeks to extend tax concessions to teachers and researchers working in Government training and research institutions. (iv)(a) Seeks to exempt REITs and morabaha transactions from minimum tax on turnover. (iv)(b) Seeks to exempt certain incomes of REITs. (iv)(c) Seeks to make an editorial correction. (iv)(d) Seeks to exempt certain goods from WHT at import stage. (iv)(e) Seeks to exempt large trading houses from minimum tax for ten years. (iv)(f) Seeks to make an editorial change.
Clause-17 (32)	Seeks to allow enhanced depreciation on machinery and equipment used for manufacture of IT products.

Microfinance Institutions

Clause 18(i)	Seeks to clearly distinguish MFIs from Microfinance Banks (MFBs).
Clause 18(ii)	Seeks to make the definition dynamic and responsive to the changing socio economic environment.
Clause 18(iii)	Seeks to increase operational efficiency and flexibility at SBP in regulation and supervision of MFBs.
Clause18(iv)	Seeks to clearly delineate the consequences of the contravention of section 5(1) and to increase the amount of fine and tern of imprisonment as the existing levels are too low.
Clause18(v)	Seeks to increase the business viability of district based MFBs and to extend coverage to relatively smaller districts.
Clause18(vi)	Seeks to prescribe the minimum capital requirement for the proposed regional MFBs.
Clause18(vii)	Seeks to discuss the licensing requirements for existing NGO-MFIs and new/startup MFBs.
Clause18(viii)	Seeks to bring the maximum tenor of external auditors in line with Corporate Governance Guidelines issued by SECP.
Clause 18(ix)	Seeks to give extension to MFBs in publishing their final accounts in special and unusual circumstances.
Clause18(x)	Seeks to maintain profit and loss sharing account.
Clause 18(xi)	Seeks to allow necessary flexibility to SBP to adapt the monitoring system to the changing environment.
Clause 18(xii)	Seeks to allow necessary flexibility to SBP in monitoring the reserve position as explained in section 18 (1)(C) and delete the provision regarding remuneration of cash reserve.
Clause18(xiii)	Seeks to equip SBP to deal with non-compliant MFBs.

Clause18(xiv)

Seeks to ensure secrecy and fidelity of records and information of MFBs.

Clause18(xv)

Seeks to omit the clause as existing SBP regulations cover the provision.

Public Procurement Regulatory Authority Ordinance 2002

Clause 19(i)	Seeks to exclude privatized entities including PTCL from the purview of this Ordinance.
Clause 19(ii)	Seeks to clarification and bringing conformity with the status of privatized Enterprises.
Clause 19(iii)	Seeks to define Privatized Enterprise.
Clause 19(iv)	Seeks to exempt enterprises upon their privatisation through transfer of management pursuant to Privatisation Commission Ordinance, 2000 (Ordinance LII of 2000).

Federal Excise Act, 2005

Clause 20(1)(a)	Seeks to add a new clause in section 2 to define the term “due date”.
Clause 20(1)(b)	Seeks to add a new clause in section 2 to define the term “duty due”.
Clause 20(2)	Seeks to amend section 3 to synchronize the rate of excise duty mentioned there-under with the rate specified in the First Schedule to the Act.
Clause 20(3)(a)	Seeks to substitute sub-sections (1) and (2) of section 4.
Clause 20(3)(b)	Seeks to substitute sub-section (4) of section 4 to prescribe time limit for filing of revised return.
Clause 20(4)	Seeks to add a new sub-section in section 5 to enable the Board to restrict payment of drawback, refund or adjustment of duty.
Clause 20(5)	Seeks to add a new proviso in sub-section (5) of section 12 to provide for assessment on the value higher than the value fixed by the Board under the said provision.
Clause 20(6)	Seeks to add a new provision of law to enable the Board to specify the goods or services in respect of which sales invoice shall be issued electronically.
Clause 20(7)	Seeks to add a new provision of law to extend the time limit on ‘one time basis’ in respect of cases pending adjudication.
Clause 20(8)	Seeks to add a new sub-section in section 33.
Clause 20(9)(a)	Seeks to substitute the words “Additional Collector” for the words “Deputy Collector” in sub-section (3) of section 34.
Clause 20(9)(b)	Seeks to substitute an existing provision of law to align the said provision with the Sales Tax law.
Clause 20(9)(c)	Seeks to substitute the words “Additional Collector” for the words “Deputy Collector” in sub-section (12) of section 34.
Clause 20(9)(d)	Seeks to add a new sub-section in section 34.
Clause 20(10)(a)	Seeks to substitute the words “Alternative” for the words “Alternate” in the marginal note of section 38.
Clause 20(10)(b)	Seeks to amend sub-section (1) of section 38.
Clause 20(10)(c)	Seeks to substitute sub-section (2) of section 38 to revise the composition of Alternative Dispute Resolution Committees.
Clause 20(10)(d)	Seeks to substitute sub-section (5) of section 38.
Clause 20(11)	Seeks to add a new sub-section in section 45 to enable the Board to monitor production of excisable goods.
Clause 20(12)	Seeks to amend the First Schedule.