TJIF Budget Overview 2012 13

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Pakistan Budget Overview 2012-13 …

Pakistan Budget Overview 2012-13
by Tahir Jawad Imran Fecto
Chartered Accountants -Pakistan

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  • 1. Contents Economic Overview ……………………………………… 03 Salient Features ……………………………………………. 07 Significant Amendments: Income Tax …………………………………………………… 10 Sales Tax ………………………………………………………. 20 TJIF Budget Overview 2012-13 2
  • 2. Economic Overview The resilience of the economy of Pakistan has been tested several times by one crisis after another. The economy has witnessed numerous domestic and external shocks from 2007 onwards. The sharp rise in international oil and food prices, the internal security hazards brought on by the campaign against extremism and the repeated natural disasters in the form of successive floods have buffeted the macroeconomic strategy with shock after shock There have been some successes. Pakistan has been able to withstand the pressures and improve its performance in some key areas such as the check on inflation, the increase in exports and revenue generation and maintenance of comfortable foreign exchange reserveGDP growth clocked in at 3 % in levels. The economy is now showing signs of modest recovery. GDP growth for 2011-12 has been estimated 3.7 percent as compared to 3 percent in the previous fiscal year 2011.FY11 due to destruction of majorcrops caused by the floods.However, with flood waters nowreceded, crop yields haveimproved and resultantly, GDPgrowth is estimated at 3.7% inFY12. Commodity Producing Sector: The commodity producing sector has performed better in the outgoing fiscal year as compared to last year. Its growth rate this year was 3.3 percent against 1.5 percent during last year. Agriculture Sector is a key sector of the economy and accounts for 21 percent of GDP. The supportive policies of the government resulted in a growth of 3.1 percent against 2.4 percent last year. Manufacturing Sector: The growth of the manufacturing sector is estimated at 3.6 percent compared to 3.1 percent last year. Small scale manufacturing maintained its growth of last year at 7.5 percent and slaughtering growth is estimated at 4.5 TJIF Budget Overview 2012-13 3
  • 3. Economic Overview percent against 4.4 percent last year. Large Scale Manufacturing (LSM) has shown a growth of 1.1 percent during July-March 2011-12 against 1.0 percent last year. Services Sector: The Services sector has registered a growth rate of 4.0 percent during July-Per Capita real income grew at March of the fiscal year 2011-12 against 4.4percent last year. It is dominated by Finance and2.3 percent in2011-12 as Insurance at 6.5 percent, Social and Community Services 6.8 percent and wholesale andcompared to 1.3 percent growth Retail Trade 3.6 percent.last year. In dollar terms, itincreased from $ 1258 in 2010- Foreign Direct Investment stood t $ 668 million during July-April 2011-12 as against $11 to $ 1372 in 2011-12. 1293million last year. The capital flows were affected because of global financial crunch and euro zone crisis. Oil and Gas Exploration remained the Major sector for foreign investors. The share of Oil and Gas Exploration in total FDI during July-April2011-12 stood at 70 percent.Real Investment has declinedfrom 13.1 Percent of GDP lastyear to 12.5 percent of GDP in2011-12. .Public debt as a percent of GDPstood at 58.2 percent by end-March 2012.During July-March2012; $179 million was added to Public Debt: Pakistan’s public debt stood at Rs. 12,024 billion as of March 31, 2012. Duringthe EDL stock. At the end of first nine months of the ongoing fiscal year, total public debt registered an increase of Rs.March 2012, servicing of the 1,315billion which includes Rs. 391 billion consolidated by the Government into public debtpublic debt stood at against outstanding previous year’s subsidies related to food and energy sectorsRs.720.3billion against thebudget amount of Rs.1034.2billion. TJIF Budget Overview 2012-13 4
  • 4. Economic Overview Fiscal Indicators Despite the numerous challenges the country has faced since 2001 including the continued and intensified security issues, the fiscal position last year in terms of key fiscal indicators such as revenues, expenditures and the fiscal deficit indicates a notable change.Fixed investment has declined to On the revenue side the tax to GDP ratio either remained stagnant or showed a secular10.9 percent of GDP in 2011-12 decline. Consequently the budget deficit widened during the past four years. However, itfrom 11.5 percent of GDP last was well contained during fiscal year 2010-11 despite the challenges faced due to the floodyear. Similarly Private and security related expenditures.investment also contracted to7.9 percent of GDP in 2011-12 as On the other hand the expenditure to GDP ratio witnessed a similar pattern to that for totalcompared to8.6 percent of GDP expenditures; showing an overall decline since 2007-008last year.Pakistan’s foreign exchangereserves reached o $16.5 billionat the end-April 2012 comparedto $17.0 billion at end-April 011.The exchange rate averaged atRs. 85.50/US$ during July-April2010-11, whereas it averaged atRs. 88.55/US$ During July-April2011-12.Workers’ Remittanceswitnessed a strong growth of During July- March,, 2011-12 period total expenditures stood at Rs. 2,641.9 billion25.8 percent in 2011 over the against Rs. 3,721.2 billion budget for the fiscal year 2011-12. During the period underprevious year 2010. During July- review total revenues were Rs. 1,747.0 billion against the budgeted estimates off Rs.April 2011-12, worker’s 2,870.55 billion. The fiscal deficit has declined from 7.6 percent in 2007-008 to 5.9remittances grew by 20.2 percent in 2010 -11 on account of reduction in development expenditurepercent at $ 10.9 billion. TJIF Budget Overview 2012-13 5
  • 5. Economic Overview Inflation has declined for the third consecutive year. CPI was 10.8 percent during July-April, 2012 from a high of 25 percent in October 2008. This has been achieved despite sharp increase in international oil prices, effect of upward adjustment in the administered prices of electricity and gas, supply disruptions due to devastatingFood and non-food inflation floods of 2010 and heavy rains of 2011and bank borrowings. food and non-foodaveraged 11.1 percent and 10.7 inflation averaged 11.1 percent and 10.7 percent respectively against 18.8 percentpercent respectively against 18.8 and 0.8 percent in the same period of last year.percent and 0.8 percent in thesame period of last year. The current account deficitstood at $ 3.4 billion in the sameperiod. It was largely as a result Trade and Payments: Exports during July-April 2012 were $ 20.5 million compared to $of high oil prices and import of 20.46 billion last year. The Afghan Transit Trade Agreement (APTTA) has encouraged formalfertilizers. Continued support trade between Pakistan and Afghanistan and the volume has risen to around $2.5 billionfrom current transfers in the annually.form of workers’ remittances Imports grew by 14.5 percent and stood at $ 3.1billion during July-April 2012. The currenthelped in containing current account deficit stood at $ 3.4 billion in the same period. It was largely as a result of high oilaccount balance. prices and import of fertilizers. Continued support from current transfers in the form of workers’ remittances helped in containing current account balance.Workers’ Remittanceswitnessed a strong growth of25.8 percent in 2011 over theprevious year 2010. DuringJuly-April 2011-12, worker’sremittances grew by 20.2percent at $ 10.9 billion. TJIF Budget Overview 2012-13 6
  • 6. Salient Features Income Tax  Capital Gain Tax (CGT) is proposed to be levied on the sale of property if it is disposed off within two years of its acquisition.  The dividend income of banks from money market funds and income funds is proposed to be taxed at 25% for 2013 and 35% from 2014 instead of 10%.  Limit on 0.2% advance tax on cash withdrawal from bank is proposed to be increased from RS. 25,000 to Rs. 50,000 per day.  Basic exemption limit is now being raised for salaried and business individuals to Rs.400,000 from 350,000. Further the slabs are reduced and the concept of marginal relief is proposed to be abolished.  Taxpayer Honour Card scheme is proposed to be introduced. The holders of the card will be entitled to various privileges and benefits.  The normal progressive slab rates are being introduced for the Association of Persons (AOPs) instead of fixed tax at the rate of 25 percent of profit.  Collection of tax by manufacturer at the rate of 1% of gross sales from dealers/ whole sellers and distributors.  The option to opt out of presumptive tax regime is allowed to importers, exporters and suppliers subject to certain conditions.  The limit on tax credit for investment and for life insurance premiums is further relaxed. TJIF Budget Overview 2012-13 7
  • 7. Salient Features Sales Tax  Reduction in the higher rates of Sales Tax from 22% and 19.5% to 16%.  Streamlining the sales tax regime by substituting zero-rating on certain items with a view to stop illegal refunds  Grant of exemption to waste paper to enhance collection as well as restrict inadmissible input tax adjustment in this sector.  Increase in the rate of sales tax on steel sector from Rs. 6/ Kwh to Rs. 8/Kwh.  Substitution of zero-rating with exemption on supplies against international tender.  Substitution of zero-rating with exemption on certain items such as remeltable scrap and sprinkler.  Shifting of cotton seed oil from zero-rating regime to exemption.  Harmonize section 11 and 36 of the Sales Tax Act, 1990  Alignment of PCT Headings in various schedules to the Sales Tax Act, 1990, with the HS-2012 version of Pakistan Customs Tariff. TJIF Budget Overview 2012-13 8
  • 8. Salient Features Federal Excise Duty  Reduction in Federal Excise Duty on cement from Rs. 500/ PMT to Rs. 400/ PMT  Elimination of excise duty on 10 items with the objective to further phasing out of Federal Excise regime.  Enhancing tax incidence on cigarettes by revising upward price tiers  Reducing federal excise duty on cement from Rs. 500/ PMT to 400/ PMT.  Phasing out of federal excise duty regime by reducing the number of goods liable to federal excise duty.  Exemption of federal excise duty on livestock insurance.  Retrospective exemption of federal excise duty on services rendered by Asset Management Companies.  Revision in the upward limit of price tiers of cigarettes to enhance the Federal Excise Duty on locally produced Cigarettes.  Revise Federal Excise Duty on foreign travel.  Simplification of collection procedure of FED on air travel from Pakistan by excluding the charge of FED on air travel to Pakistan.  Updation of the restriction related to prices of cigarettes. TJIF Budget Overview 2012-13 9
  • 9. Significant Amendments in Income Tax Capital Gain from Disposal of Immoveable Property Under the proposed amendment, the gain as sale of immovable property is taxable as capital gain if the sale is made within two year of acquisition. The rate of tax on is as follows:  Holding period is less than 1 year 10%  Holding period greater than 1 year but less than 2 years 5%  Holding period greater than 2 years 0% Special Provision Relating To Capital Gain Tax on Listed Securities Special rules for calculation of capital gain on securities and other relaxation regarding inquiry of sources of income are being introduced through the finance bill. Under said rules the National Clearing Company of Pakistan Limited (NCCPL) will develop automated system and it will calculate tax on the basis of transaction date processed through its system and information provided by Central Depositary Company (CDC). NCCPL will issue certificate to taxpayer and this certificate will be submitted by taxpayer along with the income tax return which shall be conclusive evidence in respect of income from capital gain on shares. Further, to encourage investment in capital market there will be no inquiry regarding investment made in shares of companies listed in any of stock exchange in Pakistan till 30th June 2014 provided that amount remains invested for the period of 120 days. Cash Withdrawal from Bank – Section 231A The daily limit for cash withdrawal is now proposed to be increased from Rs. 25,000 to Rs. 50,000. Minimum Tax – Section 113 The rate of minimum tax is proposed to be reduced from 1% to 0.5%. However, relevant amendment seems to be missing in section 113. Dividend received by bank from Money Market or Income Funds Currently the banks earning dividends from money market funds and income funds which is taxed @10%. In this scenario the interest income from these funds was TJIF Budget Overview 2012-13 10
  • 10. Significant Amendments in Income Tax taxed at reduce rates. It is proposed in finance bill that income of banks from dividend income out of money market fund will be taxed at the rate of 25% for tax year 2013 and 35% for the year 2014 onward. Option to opt out of presumptive tax regime - Second Schedule – Part IV Importers The option is given to importers to opt out of presumptive tax regime subject to the condition that minimum tax liability under normal tax regime shall not be less than 60% of tax already collected under section 148. Exporters The option is proposed to be given to exporters to opt out of presumptive tax regime provided that minimum tax liability under normal tax regime should not be less than 50% of the already deducted. Suppliers of Goods The option is proposed to be allowed to supplier of goods to opt out of presumptive tax regime provided that minimum tax liability under normal tax regime should not be less than 70% of tax already deducted. Group Taxation Relief Under the proposed amendment, the inter-corporate dividend and inter corporate profit on debt within group companies that are entitled to group taxation relief are not liable to withholding tax. Initial Allowance Third Schedule Presently initial allowance for industrial undertaking is available @ 50% for plant machinery and building. The proposed amendment seeks to reduce the initial allowance on building from 50% to 25% however, the initial allowance on plant and machinery remains unchanged. Income from Salary Basic exemption limit is now being raised for salaried individuals to Rs.400,000 from 350,000. Further the slabs are reduced and the concept of marginal relief is proposed to be abolished. TJIF Budget Overview 2012-13 11
  • 11. Significant Amendments in Income Tax The new tax rates for individual salaried personal are as follows: 1. Where taxable income does not 0% exceeds Rs.400,000 Where the taxable income exceeds 5% of the amount 2. 400,000 but does not exceeds exceeding Rs.400,000 750 ,000 Where the taxable income exceeds Rs. 17500 + 10% of 3. 750,000 but does not exceeds amount exceeding 1,500 ,000 Rs.750,000 Where the taxable income exceeds Rs. 92,500 + 15% of 4. 1,500,000 but does not exceeds amount exceeding 2,500 ,000 Rs.1,500,000 Rs. 242,500 + 20% of 5. Where the taxable income exceeds amount exceeding 2,500,000. Rs.2,500,000. The effect of the change in tax slabs on various levels of salary income is given in table A. TJIF Budget Overview 2012-13 12
  • 12. Significant Amendments in Income Tax Table A Tax as per Tax as per Relief Annual Salary Proposed S. No. Income existing slabs slabs 1 400,000 6,000 - 6,000 2 600,000 27,000 10,000 17,000 3 800,000 60,000 22,500 37,500 4 1,000,000 90,000 42,500 47,500 5 1,250,000 137,500 67,500 70,000 6 1,500,000 187,500 92,500 95,000 7 1,800,000 252,000 137,500 114,500 8 2,500,000 400,000 242,500 157,500 9 3,600,000 666,000 462,500 203,500 10 5,000,000 1,000,000 742,500 257,500 11 10,000,000 2,000,000 1,742,500 257,500 TJIF Budget Overview 2012-13 13
  • 13. Significant Amendments in Income Tax Value of Perquisites – Section 13 (Sub-Section 7 And 14) The benefit provided by employer in the form of interest free loan or loan at concession rates in included in taxable income of employee. The benefit is calculated as difference between benchmark rate and rates changed by employer. Through the proposed amendment the benchmark rate is now fixed at 10 percent. Further, this benefit is not taxable in the hand of salaried individual if the loan amount is less than Rs.500,000. Tax Rate for Individual and Association of Person (AOP) Basic exemption limit is now being raised for individuals and AOP to Rs.400,000 from 350,000. Further the AOP are now taxed at progressive rates instead of fixed rate of 25% on profit. The new tax rates for individual and Association of persons are as follows: 1. Where taxable income does not 0% exceeds Rs.400,000 Where the taxable income exceeds 10% of the amount 2. 400,000 but does not exceeds exceeding Rs.400,000 750 ,000 Where the taxable income exceeds Rs. 35,000 + 15% of 3. 750,000 but does not exceeds amount exceeding 1,500 ,000 Rs.750,000 Where the taxable income exceeds Rs. 147,500 + 20% of 4. 1,500,000 but does not exceeds amount exceeding 2,500 ,000 Rs.1,500,000 Rs. 347,500 + 25% of 5. Where the taxable income exceeds amount exceeding 2,500,000. Rs.2,500,000. The effect of the change in tax slabs on various levels of income is given in table B. TJIF Budget Overview 2012-13 14
  • 14. Significant Amendments in Income Tax Table B Individual Annual Tax as per Tax as per S. No. Income existing slabs proposed slabs Relief 1 400,000 30,000 - 30,000 2 700,000 70,000 30,000 40,000 3 1,000,000 150,000 72,500 77,500 4 1,250,000 250,000 110,000 140,000 5 1,800,000 450,000 207,500 242,500 6 2,500,000 625,000 347,500 277,500 7 5,000,000 1,250,000 972,500 277,500 8 10,000,000 2,500,000 2,222,500 277,500 TJIF Budget Overview 2012-13 15
  • 15. Significant Amendments in Income Tax Payment to Traders and Distributors – 153A A new section 153A is introduced whereby every manufacturer at the time of sale to distributor, dealers and wholesaler shall collect withholding tax at the rate of 1% of gross amount of sales. The tax collected under this section is adjustable against tax liability of the distributor, dealer and whole seller. Tax Payer Card – Section 181B It is now proposed that Board may introduce a scheme for large taxpayers whereby “Honor Card” would be issued to individual taxpayers who fulfill a minimum criterion to be eligible for the benefits as contained in the scheme. Tax Credit For Investment In Shares and Insurance The limit on tax credit for investment is further relaxed and it is enhanced to 20% of taxable income from 15%. Further, the current of investment available for tax credit is increased from 500,000 to 1,000,000 and the minimum holding period is reduced for 03 years to 2 years. Tax credit on Investment It may be recalled that Section 65E was introduced vide Finance Act, 2011, wherein the tax credit was allowed on investment by a company with 100% equity investment in BMR of plant and machinery already installed, in an industrial undertaking setup in Pakistan before the 1st day of July 2011. The said credit was allowed subject to the fulfillment of certain conditions. The bill with a view to remove ambiguities and elaborate these conditions seeks to substitute those conditions. The proposed conditions are as follows:  Tax payers shall be a company set up in Pakistan before 1st day of July 2011.  Investment should be raised through issuance of new equity shares and the amount should be invested in purchased and installation of plant and machinery for an industrial undertaking including corporate dairy farming, for the purpose of expansion of the plant and machinery already installed therein or undertaking a new project. TJIF Budget Overview 2012-13 16
  • 16. Significant Amendments in Income Tax  A tax credit would be allowed for period of 5 years from the date of setting up or commencement of commercial production from the plant or expansion project, whichever is later . The tax credit would be allowed:  Where a tax payer maintain separate account of an expansion project or a new project, the tax payer should be allowed a tax credit equal to 100% of the tax payable, including minimum tax and final tax payable under any of the provisions of the Ordinance attributable to such expansion project or new project.  In all other cases the credit under this section would be such proportion of the tax payable, including minimum tax and final tax payable under any of the provisions of Income Tax Ordinance 2001 as is the proportionate between the new equity and total equity including new equity.  The tax credit would be available against the tax payable in the year in which the plant and machinery is installed and for subsequent 4 years. Taxable Income – Section 9, 10 And 53 (1A) The bill seeks to include the exempt income in the definition of total income previously this was included in section 53(1A) which is now omitted. Income from Other Sources – Section 39 Clause (CC) To Sub-Section (1) It is clarified that additional payment received on delayed refund as compensation will be treated as income from other source. Filing of Revised Return – Section 120, (6) A new condition for filing revised return is proposed where the return of income can only be revised to enhance the income as determined by an order issued under sections 12, 122, 122A, 122C, 129, 132, 133 or 221. Amendment of Assessment by the Additional Commissioner – 122(5A) Under the proposed amendment, the Additional Commissioner is now empowered to make inquiries before amendment of assessment order under section 122(5A). TJIF Budget Overview 2012-13 17
  • 17. Significant Amendments in Income Tax Procedure in APPEAL – SECTION 128 The bill proposes to empower the Commissioner (Appeal) to stay recovery of tax for a period of 30 days. Decision in Appeal – Section 129 At present, under sub-section (5) of section 129 if the Commissioner (Appeal) has not made an order within 4 months, the relief sought by tax payer is deemed to be allowed. However, this sub-section is now proposed to be omitted and it is now unclear that what will be the position if the decision is not given with time limit allowed. Notice To Obtain Information Or Evidence – Section 176 (1) (C) According to existing position, the tax officer cannot enter into taxpayers’ premises for obtaining information unless the case is selected for audit. However, the condition for selection of audit is now proposed to be removed and the tax officer can now enter into taxpayers’ premises even if case is not selected for audit. Additional Payment For Delayed Refund – Section 171 Under the proposed amendment the KIBOR rates used for calculating of delayed refund is now proposed to be replaced by a standard rate of 15 percent. Capital Gain on sale shares of listed company The rate of tax on capital gain tax is proposed to be changed the comparison of existing and proposed rates is as follows: TJIF Budget Overview 2012-13 18
  • 18. Significant Amendments in Income Tax S. Tax Rate Tax Rate No. Period. Tax Year existing proposed Where holding period of a security 1 is less than six months. 2011-2015 10.00% 10.00% 2011 7.50% 7.50% Where holding 2012 8.00% 8.00% period of a security is more than six 2013 8.50% 8.00% 2 month then but 2014 9.00% 8.00% less than twelve months. 2015 9.50% 9.50% 2016 10.00% 10.00% Where holding period of a security 3. is more than one year . - Nil Nil TJIF Budget Overview 2012-13 19
  • 19. Significant Amendments in Sales Tax Assessment of Tax and Recovery of Tax Not Levied or Short-Levied or Erroneously Refunded- Section 11 and 36 Through the proposed amendment the provisions of section 11 and section 36 are being merged and streamlined. Before amendment, the time period for issuance of show cause notice under section 11 was 3 years whereas the time limit for issuance of show cause notice under section 36 was five years, which is now uniformly 5 years for both assessment of tax and recovery. Changes Proposed in Sales Tax Rules, 2006 – SRO 589(1)/2012 dated 1 June 2012  Power of Board to Transfer The Jurisdiction – Rule 5 The bill seeks to amend the rule 5 of the sales tax act regarding registration whereby the FBR may transfer the registration of any registered person or any business of a registered person to an area of jurisdiction where the place of business or registered office or manufacturing unit is located.  Change In Particulars – Rule 7 Presently under the rule 7 of the Sales Tax Rules, 2006 the only procedure required was to file ST-2, whereas the sales tax department had their own Standard Operating Procedure which it was following for changes in particular. The amendment seeks to elaborate the procedure for change in particulars in the following manner:  In case of transfer of individual business from any person to his spouse or children, the change shall be made by Local Registration Office (LRO) on receipt of verification of documents from RTO.  In case of change in nature of business from individual to AOP, the change shall be made by LRO on receipt of verification of documents from RTO.  In case of change of nature of business from AOP to corporate entity, the same shall only be allowed by LRO on receipt of verification from RTO or LTU, however, this change shall only allowed in case where same persons who are the members of AOP are nominated as directors in the corporate entity.  In case of transfer of business or change in nature of any other account, a new sales tax registration number shall be issued to the entity. TJIF Budget Overview 2012-13 20
  • 20. Significant Amendments in Sales Tax  Blacklisting and Suspension of Registration – Rule 12 The bill seeks to substitute rule 12 which deals with blacklisting and suspension of suspected units. After the amendment, where the Commissioner or Board has reason to believe that the registered person is to be suspended or blacklisted, the procedure as prescribed by the board shall be followed. Commercial Importers - Value Addition at Import Stage and Immunity from Audit – S.R.O. 590(1)/2012 & S.R.O. 592(1)/2012 Presently sales tax value addition on import stage is fixed at 10% for commercial importers. The same is abolished w.e.f. 02 June 2012. At present those commercial importers who do not claim refund of excess input tax are not subjected to audit except with the permission of the Board. After introduction of S.R.O. 592(1)/2012 the immunity to the importer stands abolished w.e.f. 2 June 2012. The records of the commercial importers will now be subjected to audit under section 25 of the Sales Tax Act, 1990. Substitution of Zero-Rating with Exemption on Monofilament Yarn and Net Cloth – S.R.O. 591(1)/2012 dated 1 June 2012, effective 2 June 2012 Presently the import of and supply of polyethylene and polypropylene falling under the PCT heading nos. 3901.1000.1000, 3901.2000, 3902.1000 is zero- rated for the manufacturing of mono filament yarn and net cloth. Now S.R.O. 591(1)/2012 substitutes the word “zero rating” with “exemption”; however other conditions provided in S.R.O 811(1)/2009 dated 19 September, 2009 shall remain unchanged. Uniformity of Sales Tax Rate At 16% – S.R.O. 594(1)/2012 Dated 1 June 2012 Presently there are three different rates prevailing in Sales Tax regime. The amendment seeks to remove aberrations in rates of sales tax to standard rate of 16%. Exemption of Certain Items – S.R.O.595 (1)/2012 Dated 1 June 2012 Through the amendment, the following new items are now exempt from sales tax: TJIF Budget Overview 2012-13 21
  • 21. Significant Amendments in Sales Tax 30. Waste paper Supply is exempted 31. Re-melt able Scrap (PCT heading Import and supplies thereof 72.04) 32. (i) Sprinkler equipment Supplies thereof (ii) Drip equipment Supplies thereof (iii) Spray pumps and nozzles Supplies thereof TJIF Budget Overview 2012-13 22
  • 22. © Tahir Jawad Imran Fecto 2012This work is copyright. Apart from any use as permitted under the Copyright Actno part may be reproduced by any process without prior written permission fromTJIF. Any requests and inquiries should be addressed to:Tahir Jawad Imran FectoChartered AccountantsSuit # 509, 5th Floor, Progressive Center,30-A, Block 6, P.E.C.H.S., Karachi – 74500, Pakistan.Call: 0092 21 343 04082Email: info@tjif.com.pk TJIF Budget Overview 2012-13 23