Senate body reviews proposed amendments in Finance Bill

ISLAMABAD: Senate Standing Committee on Finance, Revenue and Economic Affairs reviewed implementation of amendments in Finance Bill 2017 proposed by the committee.

The committee reviewed the bill clause by clause and found that the FBR had accepted around 80 per cent of its recommendations for amendments.

The meeting was held under the chairmanship of Senator Mandviwala and was attended by Senators Mohsin Aziz, Nasreen Jalil, Fateh Mohammad Hasani, Saud Majeed, high officials of Federal Board of Revenue (FBR).

During the meeting, the committee was informed that FBR was engaged with the provincial revenue authorities to reach an agreement on mutually sharing data.

Senator Saud Majeed said with such agreement, the number of tax payers would be increased considerably across the country.

Furthermore, the committee expressed dissatisfaction over partially acceptance of its recommendation of increasing tax for purchase of leased vehicle by the non tax filers from existing 3 per cent to 5 per cent.

Member Inland Revenue Policy FBR, Dr Mohammad Iqbal said the tax was increased to 4 per cent this year, however he hoped that this ratio could be increased to 5 per cent in next budget.

Senator Saleem Mandviwala claimed that the government had made some additional changes in the Finance Bill 2017 without informing the committee.

However, Dr.Mohammad Iqbal said that FBR would provide a complete list of all changes made in the Finance Bill in next meeting.

Earlier discussing on the agenda of compliance report by the FBR on the pending refund cases of the companies, as directed by the committee in its meeting held on August 27, the meeting was informed that the pending refund cases would be cleared as soon as the Finance Minister returned back to the country.