Senate panel proposed exemption of AWT from tax

On Tuesday, a Senate panel recommended exempting income of the Army Welfare Trust (AWT) from tax, which runs businesses for the welfare of retired army personnel, and also rejected an increase in the sales tax rate on import of machinery.

The Senate Standing Committee on Finance proposed exempting the income of the AWT on a proposal moved by PTI’s Senator Faisal Saleem. The trust will also not be required to file an annual income tax return. JUI-F Senator Talha Mehmood presided over the meeting.

PPP’s Senator Saleem Mandviwalla also backed the proposal to exempt the trust’s income. PTI’s Senator Mohsin Aziz said the Federal Board of Revenue (FBR) should publicize the criteria for exempting charitable and non-profit organizations from levy of the income tax.