Islamabad, February 21, 2023 (PPI-OT):82nd meeting of the Standing Committee on Finance and Revenue held today at 2:30 p.m. in the Committee Room of FBR House, Islamabad under the Chairmanship of Mr. Qaiser Ahmed Sheikh, MNA.
While discussion, the Hon. Minister of State for Finance and Revenue (Dr. Aisha Ghaus Pasha) provided assurance to the Committee that the Government has devised a plan aimed at implementing macroeconomic and structural policies, with a view to minimizing economic imbalances, fostering long-lasting inclusive growth, and generating employment opportunities.
She apprised the Committee on the delay in the 9th review by the IMF, which was a result of a mutual agreement between the organization and the Government. Specifically, the estimates for expenditure concerning humanitarian assistance in relation to flood-related incidents for the current fiscal year, as well as those of priority rehabilitation expenditure, have remained pending since their expected due date in September, 2022.
She also apprised the Committee to concentrate on assisting the Finance Division in adopting measures related to structural economic reforms, strategies for mitigating circular debt and recuperating losses related to the power sector, and devising sustainable economic policies aimed at benefiting the general populace of Pakistani society.
The Committee suggested that the Finance Division and the FBR formulate policies designed to bolster domestic industries that rely on the importation of raw materials from international markets and to aid importers in clearing their commodities from Custom Authorities. In response to a proposal for amnesty schemes aimed at enhancing the inflow of Dollars, the Government declined the offer on the grounds that such a measure would cause Pakistan to once again enter into the blacklist of the Financial Action Task Force (FATF).
During the course of discussion, the Secretary, Finance Division has responded to the concerns raised by the Committee during meeting by undertaking a range of measures to enhance the country’s economic situation.
The Committee and the Government concur that a range of measures is essential to counteract the ongoing economic crisis in Pakistan, including comprehensive economic policies, sustainable tax regimes, initiatives to reduce expenditure, the promotion of sustainable development, the introduction of export-oriented policies, the facilitation of private sector activities, and a gradual reduction of circular debt in the power sector. During the meeting, the Chairman of the Federal Board of Revenue (FBR) expressed confidence that the agency is pursuing the correct course of action to collect the anticipated tax revenue of 7.47 trillion rupees for the present fiscal year.
The Committee expressed its dissatisfaction with the delay in appointing Heads for the National Bank of Pakistan (NBP) and Zarai Tarqiati Bank Limited (ZTBL), which has remained unresolved for nearly a year.
The Committee recommends to approve Public Sector Development Program (PSDP) related to Revenue Division, with exception, for the financial year 2023-24 to be included in the Federal Budget for the next Financial Year. However, the Committee deferred the discussion/scrutiny of PSDP Projects related to Finance Division till its next meeting.
Later, the Committee appointed a Sub-Committee under the Convenership of Ch. Muhammad Barjees Tahir, MNA with Mr. Salahuddin Ayubi, Engr. Sabir Hussain Kaim Khani, Ms. Wajiha Qamar, MNAs as its Members. The Committee will consider the Government Bills, titled, “The Securities and Futures Markets Bill, 2022”, “The Modaraba Companies and Modaraba (Floatation and Control) (Amendment) Bill, 2020” and “The Tax Laws (Amendment) Bill, 2021” (Ord. No. VI of 2021).
Besides Hon. Minister of State for Finance and Revenue (Dr. Aisha Ghaus Pasha), the meeting was attended by Members of National Assembly; Mr. Nasir Iqbal Bosal, Chaudhary Khalid Javed, Ch. Muhammad Barjees Tahir, Mr. Ali Pervaiz, Dr. Nafisa Shah (via video-link), Syed Hussain Tariq, Engr. Sabir Hussain Kaim Khani, Mr. Khalid Hussain Magsi, Mr. Salahuddin Ayubi, Makhdoom Syed Sami-ul-Hassan Gillani and Dr. Ramesh Kumar Vankwani. The meeting was also attended by the senior officers from Finance Division, Revenue Division (FBR), M/o Planning, Development and Special Initiatives, M/o Law and Justice and Security Exchange Commission of Pakistan (SECP).
For more information, contact:
Secretary,
National Assembly of Pakistan
Automation Centre, National Assembly Secretariat,
Parliament House, Islamabad, Pakistan
Tel: +92-51-9221082-83
Fax: +92-51-9221106
Email: assembly@na.gov.pk
Website: www.na.gov.pk