RAWALPINDI: The National Assembly today [May 31] approved the Income Tax (Amendment) Ordinance.

The Ordinance, promulgated on April 2 last, provides tax concessions to companies having public shares to the extent of 50 per cent. The shares of such companies are quotable on the Stock Exchange. This would result in making the investment in companies broad-based and bring stability to the share market. The Ordinance makes a distinction between a private limited company and public limited company.

It was described by the Parliamentary Secretary for Finance, Mr Nurul Islam Sikdar, who piloted the Bill, as an anti-cartel and antimonopoly measure.

Seven Members, six from Opposition Benches, took part in the debate on the Income Tax (Amendment) Bill. Shah Azizur Rahman, Deputy Leader of Opposition, moved a resolution for disapproval of the Ordinance but it was rejected.

Before it rose for the day, the House began consideration of the Pakistan Essential Services (Maintenance) (Amendment) Bill which would enable the Government to regulate, besides conditions of service, the conditions of work of persons engaged in an essential service.

Published in Dawn, June 1st, 2018