Islamabad: The Standing Committee on Finance and Revenue convened its ninth meeting at the Parliament House under the leadership of Hon. Syed Naveed Qamar, focusing on “The Tax Laws (Amendment) Bill, 2024.” The committee’s primary action was the formation of a sub-committee to address ongoing disputes between the Federal Board of Revenue (FBR) and stakeholders regarding the bill.

According to a statement by National Assembly of Pakistan, the Minister of State for Finance and Revenue provided an overview of the proposed amendments, while the Chairman of the FBR detailed the changes. Committee members voiced concerns over issues such as corruption and capacity within the FBR, as well as broader economic impacts.

The Chairman emphasized the importance of increasing tax collection and expanding the registration of taxpayers. He instructed the FBR’s Chairman to address controversies surrounding the bill and develop strategies to mitigate its economic effects.

The Finance Division was urged to engage with all stakeholders to resolve discrepancies. The FBR was directed to simplify the registration process to make it more accessible.

The newly appointed sub-committee, led by Mr. Bilal Azhar Kayani and consisting of several other MNAs, is tasked with ensuring engagement with the Association of Builders and Developers. The sub-committee’s report is expected within 10 days, with its first meeting scheduled for January 23, 2025.

The committee also approved the minutes of its previous meeting, with attendance from key MNAs and senior officials, including the Minister of State for Finance and the Chairman of the FBR.