Islamabad: The Senate Standing Committee on Finance and Revenue convened at Parliament House under the leadership of Senator Saleem Mandviwalla to address several pressing financial matters, including tax refunds and sales tax on unsold jewellery. The meeting was attended by key senators, government officials, and representatives from affected industries.

According to Senate of Pakistan, the committee was briefed on a range of issues, including the resolution of honorarium payments to medical staff who served during the Budget Session. State Minister for Finance, Bilal Azhar Kayani, confirmed that instructions for these payments had been issued. The committee also scrutinized the Federal Board of Revenue’s (FBR) handling of income tax refunds, with a specific case involving a chemical company highlighted. The committee noted the negative impact of delayed refunds on business cash flow and pressed for a resolution within a month.

The committee also examined the sales tax implications for unsold jewellery returned under the Self-Consignment Export Scheme. The Jewelers & Gems Traders Association of Pakistan raised concerns about the 18% sales tax imposed on returned items, contrasting with the tax exemptions on exports. Discussions on these matters will continue, with the Ministry of Commerce invited to participate in future deliberations.

Furthermore, the State Bank of Pakistan briefed the committee on measures related to foreign investment and depositor confidence, including the Foreign Exchange Circular No. 16. The committee’s discussions underscore ongoing efforts to address financial and regulatory challenges within Pakistan’s economic framework.