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The National Assembly has been summoned to meet on Monday, the 1st April, 2024 at 4:00 p.m. in the Parliament House, Islamabad
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53rd meeting of the Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization of the National Assembly was held today

Tuesday, 18th April, 2017

Islamabad, the 19th April, 2017: 53rd meeting of the Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization of the National Assembly was held today i.e 18th April, 2017, at 02:00 p.m, Committee Room No. 7,  Parliament House, Islamabad under the Chairmanship of Mr. Qaiser Ahmed Shaikh, MNA on the following agenda:-

i)       Confirmation of minutes of last meeting of the Committee held on 13-04-2017

ii)      To consider “ The Auditor –General’s (Functions, Powers and Terms & Conditions of Service) (Amendment) Bill, 2017” (government Bill)

iii)     To consider “The Microfinance Institutions (Amendment) Bill, 2017” (moved by Ms. Sajida Begum, MNA)

iv)    To consider “The Islamabad Capital Territory Prohibition of Private Money Lending Bill, 2017” (moved by Mr. Sajid Nawaz, MNA)

v)      Discussion on the proposals/suggestions received from Federation of Pakistan Chambers of Commerce & Industries (FPCCI), various Chambers of Commerce & Industry and Real Estate Stakeholders etc. for the Budget 2017-18 and the proposals of Committee Members for the upcoming Budget.

2.            The Committee approved the minutes of the last meeting held on 13-04-2017.

3.            Mr. Qaiser Ahmed Shaikh, Chairman of the Committee apprised the Hon. Members about the vital role of this Committee for facilitating the Ministry of Finance and Revenue to prepare the upcoming Budget. He said that this Committee should thoroughly consider the suggestions /proposals received from various business forums/stake holders for onward submission to Finance Division. The Committee unanimously decided that its next meeting would be held on 26th April, 2017, to discuss the budgetary proposals, exclusively. The Committee also decided that stakeholders and FBR would be called in the said meeting. 

4.            While considering the suggestions received from Karachi Chamber of Commerce. The Committee decided that Tax Reforms Commission Report should be discussed in detail in its next meeting, because the Committee members were of the view that recommendations of the Karachi Chamber have already been addressed in the tax reforms Commission Report.

5.            The Committee recommended that 0.8% GDP on Federal Government expenditures for education should be consider, as announced by the Finance Minister in his last budget speech.

6.            The Committee also discussed that direct wealth tax / net wealth tax @ 0.5% (adjustable) should be charged by the Government for increasing the revenue collection. The Committee also discussed that digital money promotion mechanism should be considered by the FBR and State Bank of Pakistan for increasing the revenue.

7.            The Committee considered the proposals of Pakistan Real Estate Investment Forum (PREIF) and recommended that Government should allow the real estate sector for declaration of actual property value and taxation on the said value should be minimized. The Committee also supported the proposals of real estate sector on some extent; however, the Committee decided that real estate stakeholders would be invited in the next meeting for further discussion in this regard. 

8.            The Committee also discussed the proposals received from Cotton Ginners Association and supported the suggestions of the industry. The Committee also decided that representatives of Cotton Ginners Association should be called in the next meeting.

9.            The Committee discussed the replies received from FIA, SECP on the questions raised by the Hon’able Member of the Committee regarding transfer of funds to abroad. The Committee has shown its concerns on the replies and decided that FBR, FIA, SECP and NAB should be called in the meeting of Standing Committee shortly.

10.          The Committee unanimously decided that all proposals would be furnished to Federal Board of Revenue (FBR) for comments.

11.          The Committee deferred the agenda item (iii) and (iv) due to absence of the Movers and on the request of the departments.

12.          The meeting was attended by Ms. Shaza Fatima Khawaja, Mr. Daniyal Aziz, Mr. Muhammad Pervaiz Malik, Syed Mustafa Mehmud, Mr. Asad Umar, Dr. Shezra Mansab Ali Khan Kharral, MNAs, besides the senior officers from M/o Finance, State Bank of Pakistan, Auditor General of Pakistan etc.