Meeting of the Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization
Thursday, 16th March, 2017
Islamabad, 16th March, 2017: 51th meeting of the Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization of the National Assembly was held today i.e 16th March, 2017, at 02:00 p.m, Committee Room No. 2, Parliament House, Islamabad, under the Chairmanship of Mr. Qaiser Ahmad Sheikh, MNA on the following agenda:-
i) Confirmation of minutes of the last meeting held on 15-03-2017.
ii) To make the budgetary proposals in consultation with the Chambers of Commerce and Real Estate
Stakeholders for upcoming Budget 2017-18.
2. The Committee approved the minutes of the last meeting held on 15-03-2017.
3. The Committee considered the remaining agenda of the meeting held on 15-03-2017 regarding briefing on the outcome of the export package announced by the government in the light of FBR policies. The Chairman, FBR informed the Committee that FBR was supporting the exporters in this regard. However, the Committee strongly recommended that income tax and sales tax refunds should be released to the concerned on priority basis for the improvement of export volume in the country. Mr. Qaiser Ahmed Sheikh, Chairman of the Committee informed the Honorable Members that business community was facing problems due to delay for release of refunds by the FBR. The Chairman, FBR informed the Committee that FBR was doing its job efficiently and devotedly. The Chairman of the Committee appreciated the efforts done by FBR under the supervision of Dr. Muhammad Irshad, Chairman FBR.
4. The Committee was informed by the Chairman, FBR about the implementation status on the recommendation of the Standing Committee regarding reduction in differential of income tax between commercial and industrial importers. He said that FBR was waiting for the comments from the Federation of Pakistan Chambers of Commerce and Industries in this regard. Mr. Zubair F. Tufail, President (FPCCI) was also present in the meeting. He informed the Committee that FPCCI has already forwarded a letter to FBR for supporting the proposals already recommended by the Committee. The Committee once again directed the Chairman FBR for implementing the unanimous decision/recommendation of the Committee, at the earliest.
5. While considering the budgetary proposals with the consultation of stakeholders for upcoming budget 2017-18. The proposals from FPCCI and various chambers of commerce & industries were discussed in detail. The Committee decided to constitute 04-Members Sub-Committee for further deliberations with the stakeholders for finalizing the budgetary proposals. The Sub-Committee will prepare its report to the main Committee within 30 days for onward submission to the Ministry of Finance & Revenue.
6. Dr. Muhammad Irshad, Chairman FBR replied the questions raised by the Honorable Members of the Committee and stakeholders. He also stated that FBR was doing its responsibility, honestly and devotedly for the betterment of this country.
7. The meeting was attended by Sheikh Fayyaz-ud-Din, Mian Abdul Mannan, Dr. Nafisa Shah, Syed Mustafa Mehmud, Mr. Asad Umar and Mr. Abdul Rashid Godil MNAs, besides the senior officers from M/o Finance, FBR and stakeholders.