In this paper we will briefly discuss about the Finance Bill 2004introduced in Pakistan. The purpose of the bill was to make the financial proposals given by the Pakistan government effective for the 2004 fiscal year.
Finance Bill 2004 had been determined to make the financial proposals given by the Pakistan Federal Government for the fiscal year of 2004 effective. This bill may also be addressed the Finance Act, 2004 and it is effective throughout Pakistan. The finance bill came into act on 1st July 2004.
The bill did revise the Central Excise Act I, 1994. It said that for the registered individuals, that is, registered under the 1990 Sales Tax Act, producing excisable goods or providing excisable services, input tax for the tax period would be deducted from excise duty which was due for that particular tax period. Basically, the financial bill was introduced by the Pakistan government to make its financial proposals effective for a longer period. Several new conditions were imposed on the goods imported in Pakistan.
It initiated several new methods for collecting taxes and calculating tax periods. The aim of the bill was to make some financial provisions for the fiscal year of 2004.