The Standing Committee of the National Assembly on Finance, Revenue and Economic Affairs asked Competition Commission of Pakistan (CCP) to explain the reasons of sharp price increase in cement, flour, sugar, domestic airfare and automotive industry
Islamabad (Pakistan Point News / Online - 04th July, 2019) The Standing Committee of the National Assembly on Finance, Revenue and Economic Affairs asked Competition Commission of Pakistan (CCP) to explain the reasons of sharp price increase in cement, flour, sugar, domestic airfare and automotive industry.The meeting of the committee was held on Thursday in the committee room of the Parliament House, under the chairmanship of Asad Umar, MNA.
The Committee expressed its displeasure on the absence of Secretary, Ministry of Finance, Revenue & Economic Affairs, Director General, Federal Investigation Agency (FIA), and unanimously decided to defer the agenda pertaining to Government Bills (the Foreign Exchange Regulation (Amendment) Bill, 2019 and the Anti-Money Laundering (Amendment) Bill, 2019).The Committee also pended the Eradication of Riba Bill, 2019 on the written request of the State Bank of Pakistan (SBP) after the consultation with Moulana Abdul Akber Chitrali, MNA, who is mover of the bill for three months.
The committee recommended that Federal of Board of Revenue (FBR) will deliver a comprehensive presentation with regard to the procedures of tax returns and its flaws in its next meeting.The meeting noted the problems being faced by the real estate sector due to uncertainty about the implementation of property value with regard to DC rates, increase in FBR value and recommended the Advisor on Finance & Revenue to coordinate with provincial governments in order to address the anomalies in that regard.
The Committee also directed the FBR to issue a clarification about increase in FBR's property rates at the earliest. The Committee was of the view that single assessment mechanism should be introduced to define the property rates in the country. The Committee discussed that FBR should not increase their valuation table (FBR rates), till the reduction of property rates by the provinces.Committee expressed its grave concern over the unsatisfactory and incomplete presentation of FBR on the Automatic Exchange of information, data received from Organization for Economic Co-operation and Development (OECD).
The Committee directed that Chairman FBR should brief the Committee in that regard in its next meeting.The meeting deferred the agenda regarding work plan assigned by the Special Committee on Agricultural Products to Uplift the Agriculture Development in the country and directed that Fakhar Imam or any other member of the said Committee may be invited in the next meeting of the committee.While talking about the refund problems being faced by the exporters, the Committee recommended the FBR to arrange a detailed briefing about the criteria of refunds and role of newly created refund's company in FBR.
The Committee unanimously decided to appoint a four (4) Members Sub-Committee under the convenership of Faiz Ullah, MNA, the members of the sub committee will be Raza Nasrullah, Dr. Aisha Ghaus Pasha and Nafisa Shah,The sub committee will identify the problems being confronted by the local textile sector due to zero rating on export and other taxation charges regarding exports, imports and local industries.It will submit its recommendations to main Committee within thirty days".
