Islamabad: Standing Committee on Finance and Revenue Holds Meeting under the Chairmanship of Hon. Syed Naveed Qamar to Consider 'The Tax Laws (Amendment) Bill, 2024' -

The Committee appointed a sub-committee to resolve the issues between the FBR and stakeholders on the Bill.

9th meeting of the Standing Committee on Finance and Revenue was held on Tuesday in the Parliament House, Islamabad, under the Chairmanship of Hon. Syed Naveed Qamar, MNA/Chairman.

The committee considered 'The Tax Laws (Amendment)Bill, 2024' (Government Bill). The Hon. Minister of State for Finance and Revenue briefed the Committee on the background of the proposed Amendments. The Chairman FBR presented an overview on the Amendments.

The Committee expressed concerns on some Amendments. The Hon. Members pointed out challenges related to significant corruptions and capacity issues within the FBR. The Hon. Members also observed serious economic implications for the country.

The Chairman emphasized the need to increase overall tax collection and enhance the registration of fillers in the network and directed the Chairman FBR to address the controversies in the Bill and propose solutions to mitigate the economic impacts of the bill in the country.

The Chair urged the Finance Division to take all stakeholders into confidence and remove anomalies. The Chair directed the FBR to revisit the registration process and prepare an easy, user-friendly, and trouble-free procedure for a layman.

The Committee appointed a Sub-Committee comprises of Mr. Bilal Azhar Kayani, MNA/Convener, Syed Sami Ul Hasan Gilani, Dr. Mirza Ikhtiar Baig, Mr. Usama Ahmed Mela, MNAs as Members, and Mr. Muhammad Mobeen Arif, MNA as Special Invitee. As per the Terms of Reference (TOR), 'the Sub-Committee will ensure that the Revenue Division engages the Association of Builders and Developers (ABAD) to determine the quantum and timeline for eligibility'. The Sub-Committee will submit its report within 10 days, with the first meeting scheduled for Thursday, 23rd January 2025, at 4:30 PM at the Federal Board of Revenue (FBR) House, Islamabad.

The Committee unanimously approved Minutes of its previous meeting. The meeting was attended by Mr. Bilal Azhar Kayani, Rana Iradat Sharif Khan, Syed Sami Ul Hassan Gilani, Ms. Zeb Jaffar, Ms. Hina Rabbani Khar, Dr. Mirza Ikhtiar Baig, Mr. Muhammad Jawed Hanif Khan, Mr. Arshad Abdullah Vohra, Mr. Shahram Khan, Mr. Muhammad Mobeen Arif, Mr. Usman Mela, and Ms. Shahida Begum, MNAs. The meeting was also attended by Mr. Ali Pervaiz Malik, the Minister of State for Finance, Secretary Finance, Chairman FBR, and other senior officers from the Ministry.