FBR fails to realize revenue collection target , finance committee noticed
Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly has said that the although the revenue collection is increased as compared to past but still FBR could not achieve the target fixed by the government for the current fiscal year .Chairman Federal Board of Revenue (FBR) briefed the Committee on the performance of 1st Quarter Financial Year (FY), 2019-20
Islamabad (Pakistan Point News / Online - 25th October, 2019) Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly has said that the although the revenue collection is increased as compared to past but still FBR could not achieve the target fixed by the government for the current fiscal year .
Chairman Federal board of Revenue (FBR) briefed the Committee on the performance of 1st Quarter Financial Year (FY), 2019-20, He said the targets of Federal Board of Revenue (FBR) in the month of July-Sept 2019, was Rs 1071.
0 Billions, FBR had collected Rs 963.0 Billions, during this quarter the amount of collection is higher than last year percentage of 15.8% .The meeting of the committee was held on Friday at Parliament House, under the chairmanship of Asad Umar, MNA.
The committee discussed the Small business Finance Corporation (Amendment) Bill, 2019, which was moved by MNA Amjad Ali Khan. The Secretary, Ministry of Finance, informed that the said Bill has been repealed in 2001.
However, the mover of the Bill was of the opinion that the purpose of Bill was still alive and he will furnish his stance in writing to the secretary Committee. The Committee decided, than the same Bill will be further considered.
However, in-case of not receiving of any concrete comments in that regards, the said Bill shall be treated rejected by the Committee.The Committee discussed "The Pakistan Coinage (Amendment) Bill, 2019" and decided that the said Bill may be deferred, till the comments by Ministry of Commerce, in that regard.
The Committee deferred the Controller General of Accounts (Appointment, Functions and Powers) (Amendment) Bill, 2019 (moved by Mian Najeeb-ud-Din Awaisi, MNA) due to the absence of the Mover. The Committee deferred "The Industrial Development Bank of Pakistan (Reorganization and Conversion) (Amendment) Bill, 2019", "The Banking Companies (Recovery of Loans, Advance, Credits and Finances) (Amendment) Bill, 2019", "The Regional Development Finance Corporation and Small Business Finance Corporation (Amalgamation and Conversion) (Amendment) Bill, 2019", "The Agricultural Development Bank of Pakistan (Re-organization and Conversion) (Amendment) Bill, 2019", and "The Financial Institutions (Recovery of Finances) (Amendment) Bill, 2019", moved by Syed Fakhar Imam, MNA due to absence of the Hon.
Mover.The Committee deferred the agenda pertaining to report of the Sub-Committee. The Committee members were of the view that Advisor for Ministry of Finance and Revenue may be invited in the upcoming meeting of Committee.
The Committee directed the Governor, State Bank of Pakistan to attend its next meeting (in person). The seniors representatives from Finance Division briefed the Committee about the key features of debt strategy, Strategic targets and fiscal projections.
The Committee members have expressed their apprehensions with regard to the measures adopted by the Government of Pakistan in that regard. The Committee recommended that Finance Division will furnish the details of repayments of debt including annual path to this Secretariat.