Islamabad: A recent meeting of the Sub-Committee of the Senate Standing Committee on Finance and Revenue, led by Senator Muhammad Talha Mahmood, addressed pressing concerns related to industry relocation, Federal Board of Revenue (FBR) governance, and economic policies. The meeting aimed to strengthen engagement with the business community and emphasized the creation of a conducive environment for economic expansion and increased tax revenues.

According to Senate of Pakistan, the meeting was attended by Senators Dr. Afnan Ullah Khan, Bilal Khan, and Jam Saifullah Khan. Discussions highlighted the importance of FBR’s collaboration with the business sector, and it was revealed that the FBR has initiated confidence-building measures, including forming committees with business community representatives. Additionally, the FBR Chairman is set to hold monthly camp offices in Karachi and Lahore to facilitate business interactions.

The Sub-Committee addressed the challenges faced by exporters and businesses in banking transactions, recommending the use of insurance guarantees as alternatives to bank guarantees. The FBR assured the Sub-Committee of examining and resolving these issues. Furthermore, the Committee called for coordination between FBR and NADRA to implement facial recognition technology to assist taxpayers with fingerprint verification challenges.

The Ministry of Industries and Production informed the Sub-Committee about the IMF’s plan to phase out Export Processing Zones (EPZs) and Special Economic Zones (SEZs) by 2035. The Convenor urged renegotiation with the IMF to protect Pakistan’s industrial interests. Additionally, discussions included the Battery Energy Policy and National Auto Policy, with an emphasis on supporting local industries and electric vehicle infrastructure.

Housing and construction sector issues were also discussed, with recommendations to review high Floor Area Ratio fees to reduce construction costs. The Sub-Committee proposed extending market closure timings by 30 minutes to counteract the impact of power outages on businesses.

Briefings from the Securities and Exchange Commission of Pakistan and the Competition Commission of Pakistan highlighted efforts to tackle unauthorized share transfers, fraudulent activities, and anti-competitive practices. The Sub-Committee reaffirmed the need for coordinated reforms and a business-friendly regulatory environment to drive investment and sustainable economic growth in Pakistan.