Economic Impact of Implementation of Prior Actions Sixth Schedule A large number of exemptions are proposed to be withdrawn including the items in the following serial numbers of the Table of the Schedule: Serial numbers 1, 2, 3, 11, 12, 16, 20, 21, 23, 46, 49, 50, 51, 52, 52A, 53, 54, 55, 57, 58, 60, 61, 63, 71, 72, 81, 84, 92, 99, 102, 104, 105, 107, 109, 110, 113, 114, 116, 117, 126, 127, 129, 130, 131, 132, 134, 135, 136, 138, 139, 140, 141, 142, 146, 149, 150, 155 and 158 and entries relating thereto in columns(2) and(3) shall be omitted; and From Table 2 of the Schedule: Serial numbers 1, 2, 4, 9, 15, 16, 22, 23, 33, and 38 and entries relating thereto in columns (2) and(3) shall be omitted. From Table 3, in the Annexure, 2, 2A, 3, 4, 5, 6, 7, 8, 9, 11, 13, 14, 14A, 15, 15A, 15B, 17 and 21 shall be omitted. Within this long, list, the major import items on which exemptions have been withdrawn are as follows: Serial No. 20 110& 14A 131& 132 141 Description Seeds and spores used for sowing Items for renewable source of energy Laptop Computers and Personal Computers Preparations for making Animal Feed TOTAL Revenue (Rs in Billion) 2.0 6.8 4.8 1.8 15.4 These withdrawals of tax exemptions will have negative impact on the agricultural sector (especially livestock), investment in renewable energy and the development of the IT sector of Pakistan, especially exports. The Eighth Schedule: The Eighth Schedule has implied the largest revenue foregone of over Rs 200 billion, as shown in Table 6.1. The FBR had initially prepared a very long list of items to be shifted to the standard rate. However, this list was subsequently truncated by the Ministry of Finance. The key items retained in the Eighth Schedule are shown in Table 6.2. Fortunately, this retention has reduced the potential negative impact on agriculture, use of LNG/LPG and the chemicals industry. 77