71th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held today | Pakistan News Digest

71th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held today

71th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held today i.e 4th July, 2019, at 02:00 p.m., in Committee Room No. 7, Parliament House, Islamabad, under the chairmanship of Mr. Asad Umar, MNA.

2. The Committee expressed its displeasure on the absence of Secretary, Ministry of Finance, Revenue and Economic Affairs, Director General, Federal Investigation Agency (FIA), and unanimously decided to defer the agenda pertaining to Government Bills (the Foreign Exchange Regulation (Amendment) Bill, 2019 and the Anti-Money Laundering (Amendment) Bill, 2019). The Committee also pended the Eradication of Riba Bill, 2019 on the written request of the State Bank of Pakistan (SBP) after the consultation with Moulana Abdul Akber Chitrali, MNA/Mover of the said Bill for three months.

3. The Committee recommended that Federal of Board of Revenue (FBR) will deliver a comprehensive presentation with regard to the procedures of tax returns and its flaws in its next meeting.

4. The Committee noted the problems being faced by the real estate sector due to uncertainty about the implementation of property value with regard to DC rates, increase in FBR value and recommended the Advisor on Finance and Revenue to coordinate with provincial governments in order to address the anomalies in that regard. The Committee also directed the FBR to issue a clarification about increase in FBR's property rates at the earliest. The Committee was of the view that single assessment mechanism should be introduced to define the property rates in the country. The Committee discussed that FBR should not increase their valuation table (FBR rates), till the reduction of property rates by the provinces.

5. The Committee deferred the agenda regarding work plan assigned by the Special Committee on Agricultural Products to Uplift the Agriculture Development in the country and directed that Mr. Fakhar Imam or any other member of the said Committee may be invited in the next meeting of the Committee.

6. The Committee expressed its grave concern over the unsatisfactory and incomplete presentation of FBR on the Automatic Exchange of information, data received from Organization for Economic Co-operation and Development (OECD). The Committee directed that Chairman FBR should brief the Committee in that regard in its next meeting.

7. The Committee unanimously recommended that Competition Commission of Pakistan (CCP) will be invited shortly to explain the reasons of sharp price increase in cement, flour, sugar, domestic airfare and automotive industry in the country.

8. While talking about the refund problems being faced by the exporters, the Committee recommended the FBR to arrange a detailed briefing about the criteria of refunds and role of newly created refund's company in FBR. The Committee unanimously decided to appoint a four (4) Members Sub-Committee under the convenership of Mr. Faiz Ullah, MNA, the Sub-Committee comprises of the following:

i. Mr. Raza Nasrullah, MNA Member

ii. Dr. Aisha Ghaus Pasha, MNA Member

iii. Ms. Nafisa Shah, MNA, Member

ToRs of the Sub-Committee:

To identify the problems being confronted by the local textile sector due to zero rating on export and other taxation charges regarding exports, imports and local industries.

The Sub-Committee will submit its recommendations to main Committee within thirty days.

9. The meeting was attended by MNAs Mr. Raza Nasrullah, Mr. Faiz Ullah, Makhdoom Syed Sami-ul-Hassan Gillani, Sardar Nasrullah Khan Dreshak, Mr. Jamil Ahmed Khan, Mr. Faheem Khan, Dr. Ramesh Kumar Vanwani, Chaudhry Khalid Javed, Mr. Ali Pervaiz, Dr. Aisha Ghaus Pasha, Ms. Nafisa Shah and Ms. Hina Rabbani Khar besides the senior officers of Ministry of Finance, EAD, FBR, SBP, SECP, ZTBL, Ministry of Law, Ministry of National Food Security and Research.

Source: MINISTRY OF NATIONAL ASSEMBLY OF PAKISTAN

   

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