The third meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held Wednesday under the Chairmanship of Faiz Ullah, MNA
ISLAMABAD (Pakistan Point News / NNI - 27th February, 2019) The third meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held Wednesday under the Chairmanship of Faiz Ullah, MNA.The Committee ratified the nominees of the policy board of Federal Board of Revenue (FBR) as required under section 6 (six) of the Federal Board of Revenue Act, 2007.The Committee Members were informed by Faiz Ullah, MNA/Chairman of the said Committee that the nomination of Mr.
Muhammad Hammad Azhar, Minister of State for Revenue was made by the Honorable Speaker according to the power vested under the Act. The Committee unanimously ratified the nominees of the policy Board.The Chairman, Federal Board of Revenue (FBR) briefed the Committee on the working and functioning of the Revenue Division. He said that FBR was established under section 3 of the FBR Act, 2007 and drives its powers and function to achieve the objectives and purposes under section 4 of the said Act.
He informed the Committee about the composition of policy Board, which provides guidance in matters relating to the vision, mission, values of the Board and gives policy guidelines in framing fiscal policy & objectives. While briefing about the organizational structure of the Board, he told the Committee that FBR was headed by Chairperson and supported by Members and Director Generals in administration of federal taxes.He added that FBR was organized along functional lines, namely Inland Revenue, Customs and support functions etc.
He apprised the Committee about the measures taken by the government with regard to address the key challenges and impediments. He said that since September 2018, FBR has taken a number of initiatives for preparing comprehensive transformation plan, which will improve its performance and service delivery.The Committee Members expressed their concern about the short fall of revenue and directed the Chairman FBR to focus the direct tax policy instead of indirect taxes.
Chairman, FBR enlightened that tax evasion has been reduced and number of filers increased upto 32%. He said that tax to GDP ratio would be increased in 2019-20 due to the transformation and administrative reforms in FBR.The Committee decided to invite the stakeholders from real estate sector to discuss the issues being faced by the said sector due to difference in valuation table of the FBR and DC rates etc. While discussing the tax policy regarding import of vehicles, the Committee Members have shown their concern on the extra prices charged in shape of (On money) in the market and late delivery of vehicles by the local manufacturer/assembler.
The Committee decided to invite the Secretaries, Ministry of Commerce, Industries & Production and stakeholders from automobile sector in its meeting.Faiz Ullah, Chairman of the Committee appreciated the briefing of the Chairman FBR and stated that all government officers should follow the aptitude of Chairman FBR. He also suggested that FBR should introduce friendly policies to facilitate the business community.Chairman and Member (IR-P) FBR briefed the Committee on the Finance Supplementary (Second Amendment) Bill, 2019.
The Member (IR-Policy) informed the Committee about the salient features of the Bill pertaining to custom, income tax and sales tax duties. He said that government has decided to give the relief to cancer patients by making amendment in Custom Act, 1969. The Committee deferred the agenda relating to PSDP of the FBR owing to short of time and decided to consider the same in its next meeting by tomorrow on 28-02-2019.The meeting was attended by MNAs Mr. Raza Nasrullah, Makhdoom Syed Sami-ul-Hassan Gillani, Sardar Nasrullah Khan Dareshak, Mr. Jamil Ahmed Khan, Mr. Faheem Khan, Ms. Nusrat Wahid, Dr. Ramesh Kumar Vankwani, Mr. Muhammad Israr Tareen, Mr. Qaiser Ahmed Sheikh, Mr. Ali Pervaiz, Dr. Aisha Ghaus Pasha, Ms. Hina Rabbani Khar, Abdul Wasay besides the senior officers of Ministry of Finance, Revenue, Economic Affairs and Ministry of Planning, Development & Reforms. NNI
