ISLAMABAD: The Senate Standing Committee on Finance and Revenue, led by Senator Saleem Mandviwala, convened at the Parliament House to scrutinize and finalize recommendations on the Finance Bill 2026-27. The meeting focused on the Annual Budget Statement presented to the House on June 12.

According to Senate of Pakistan, the committee conducted a thorough clause-by-clause examination of the Customs Act, 1969, and discussed various provisions of the Finance Bill, including customs and sales tax measures. The meeting saw participation from key figures such as Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb and other senators, with Senator Anusha Rehman Ahmad Khan attending virtually.

The session included discussions on the efficacy of annual budget changes and the establishment of a Tax Policy Office to distinguish tax policy from administration. Concerns were raised regarding the impact of the super tax on investments, and the performance of provincial tax collection was compared to the Federal Board of Revenue’s targets.

Debates were also held over a proposal granting the FBR authority to impose fines for customs law violations, which was opposed by Senator Anusha Rehman. The committee approved the privatization of the auction process for seized goods and supported the introduction of a fixed customs clearance period for imports to alleviate delays and hold customs officers accountable.

Finance Minister Aurangzeb highlighted the need for consistent and predictable policies to foster economic growth. He announced ongoing economic consultations beyond the fiscal year-end. The committee also reviewed amendments to the Sales Tax Act and discussed the implementation of an Advance Receipt Invoice system to enhance transaction monitoring.

The Finance Minister emphasized structural reforms aiming for sustainable economic growth, including the establishment of a Tax Policy Office to ensure consistent policy engagement with business stakeholders. The committee will continue its detailed review of the Finance Bill 2026-27 in the following session.