Islamabad, December 26, 2024 – The Senate Standing Committee on Finance has approved the Tax Laws (Amendment) Bill, 2024, marking a significant step toward tightening tax compliance measures.
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Senators for notice on Baqir’s irresponsible statement
ISLAMABAD – A recent statement by State Bank of Pakistan (SBP) Governor Dr. Reza Baqir has drawn sharp criticism from senators, who termed it “irresponsible” and called for immediate clarification. The contentious statement pertains to the continuous depreciation of the Pakistani Rupee (PKR) against the US Dollar.
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Senate committee rejects taxpayers profiling, real-time access to information
ISLAMABAD: The Standing Committee on Finance, Revenue and Economic Affairs, in a meeting, has rejected new clauses of taxpayers profiling and real-time access to information.
The committee strongly rejected the amendments to the taxpayers profile, appeal to appellate tribunal, offences and penalties and power to enter and search premises.
Clauses related to real time access to Information and databases have been disapproved as well, said a statement.
The standing committee meeting was held last week took up the Finance Bill 2020, containing the Annual Budget statement presented in the House on 12 June, 2020. Review of the Income Tax Ordinance, 2001 and Federal, Excise Provisions of Finance Bill, 2020 was completed.
Amendments recommended by the Committee in the Public Finance Management Act 2019 were carried out and shared with the Committee.
Chaired by Senator Farooq Hamid Naek, the meeting was attended by Senator Mohsin Aziz, Senator Zeeshan Khanzada, Senator Musadik Masood Malik, Senator Mian Muhammad Ateeq Sheikh, Senator Senator Talha Mehmood, Senator Ayesha Raza Farooq, and senior officers from the Ministry for Finance, Revenue and Economic Affairs, Ministry of Commerce and Federal Board Revenue.
The Committee deliberated over Restriction on deduction of profit on debt payable to associated enterprises. Agreements for the avoidance of double taxation and prevention of fiscal evasion were discussed as well.
Special concessions have been awarded to items that are essential during COVID 19 Pandemic.
The Committee appreciated the measures taken by the FBR to deal with vast consequences of the Pandemic. Omission of collection of advance tax from dealers, commission agents and arhatis etc., by market committees was welcomed.
This is an important measure to promote agriculture in the country.
Advance tax on education related expenses has been omitted as well.
In an attempt to discourage the use of caffeinated drinks FED has been increased from 13 percent to 25 percent.
Imported cigarettes, cheroots, cigarillos, cigars of tobacco and tobacco substitutes have been subjected to FED at 100 percent.
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FBR to make easy procedure for government employees to file returns
ISLAMABAD: Federal Board of Revenue (FBR) on Monday said it will make easy procedure for government employees to file their annual income tax returns.
Briefing the Standing Committee of the Senate on Finance, Revenue and Economic Affairs, the FBR officials said that they were working on the project of making procedure easy for government employees to make them filers and would complete in a week.
Meeting of the Standing Committee on Finance, Revenue, and Economic Affairs was held today on August 26, under the chairmanship of Senator Farooq H. Naeeq at parliament house.
The chairman committee recommended that FBR officials get this work done in next week and give presentation before the committee.
Member custom operation DR. Jawad told the committee about decision of closure of container liner service that FBR hasn’t yet decided to close this service.
Fiber optic work is also in process, it has become operational, and it has some issues which are under consideration.
Senator Musadiq Malik said that this issue is not from FBR rather it’s from Commercial enterprises.
So committee recommended calling secretary maritime affairs in the next meeting to loop up it on with detail.
In the meeting, Maternity and Paternity leave bill 2018 by Senator Qurat ul Ann Marri, province wise details of Ministry of finance and its sub ordinate departments working under it by Senator Mir Kabir Ahmed, public petition by Muhammad Irfan regarding making a simple and understandable procedure for a government employee to become a filer and matter regarding decision for closure of regular container liner KGS service and Gawadar port were discussed.
Senator Qurat ul Ann Marri briefed the committee about her bill, but Senator Musadiq was of the view that there are some contradictions in the bill and things need to be made clear.
In Bill, it is requested that at the first three children birth; parents will get paid leave but not at the birth of 4th one, Nevertheless, it is discriminatory behavior with the 4th one.
Furthermore, Senator Anwar ul haq Kakar said that with increasing span of leave one will not get the salary which is out of question.
On the birth of child, one needs money too. Special secretary finance told them that on paternity leave, one gets 48 leaves with pay annually, one can avail from them. Chairman committee recommended that Ministry of law and Ministry of finance should prepare another drat of this bill within 15 days in the supervision of and collaboration with Senator Qurat ul Ann Marri and Senator Dr Musadiq Malik.
Regarding province wise details of Ministry of finance and its sub ordinate departments working under it Senator Mir Kabir Ahmed said according to the documents provided appointments according to provincial quota are different in the Ministry of Finance and its sub ordinate departments.
No officer is ever recruited on bigger posts from Baluchistan and in different departments posts are vacant. Chairman committee recommended it’d be better to call Advisor to Ministry of Finance and Secretary Establishment division in the next meeting to look up this matter in detail.
Senator Musadiq Malik recommended providing other provinces details quota wise as well in next meeting.
The meeting was chaired by Farooq H. Naeeq and was attended by Senator Mushahid Ullah khan, Musadiq malik, Mohsin Aziz, Anwar ul Haq Kakar, Qurat ul Ann Marri and Mir Kabir Ahmed, special secretary Finance Division Umar Hamid khan, Member custom operation FBR Dr. Jawad Agha, Chairman ECP Amir khan, Executive vice president NBP and others senior officials.