Islamabad: The Standing Committee on Finance and Revenue, chaired by Syed Naveed Qamar, MNA, undertook a detailed examination of the Finance Bill, 2026, focusing on budgetary proposals and potential fiscal reforms. The committee considered input from various government bodies, including the Ministry of Commerce and the Federal Board of Revenue, on proposed changes to the National Tariff Policy and other fiscal measures.
According to National Assembly of Pakistan, the committee received an extensive briefing on Year-II reforms under the National Tariff Policy (2025-2030). These reforms propose to simplify Pakistan’s tariff structure, with the aim of reducing the overall tariff burden and encouraging industrial competitiveness and exports. The proposed changes include adjustments to Customs Duty, Regulatory Duty, and exemptions, potentially impacting government revenue by approximately Rs.143.4 billion.
Chairman Syed Naveed Qamar emphasized the need for balanced tariff liberalization to protect domestic industries while enhancing competitiveness. He underscored the importance of transparent, evidence-based fiscal policy, advocating for comprehensive revenue impact assessments with all future proposals. The committee also expressed concerns about the effects of tariff reductions on domestic manufacturing and employment.
The committee recommended a phased approach to tariff reforms, regular progress assessments by the National Tariff Commission, and safeguards for strategic industries. It also reviewed proposed changes to the token tax for vehicles in Islamabad, urging a fair and transparent tax model that considers taxpayer affordability.
Additionally, the committee scrutinized amendments to the Petroleum Products (Petroleum Levy) Ordinance, 1961, focusing on strict enforcement against defaulting Oil Marketing Companies (OMCs). The chairman called for a robust enforcement mechanism to prevent OMCs from retaining public funds, recommending immediate supply suspensions for non-compliance.
The committee’s discussions will continue in their next meeting, scheduled for June 21, 2026, to further deliberate on the Finance Bill, 2026.