ISLAMABAD: The Senate Standing Committee on Finance and Revenue has passed three different bills related to improvement of financial management as well as enhancing the revenue collection.
The bills include ‘Corporate Restructuring Companies Bill, 2016’, ‘Deposit Protection Corporations Bill, 2016’ and ‘Financial Institutions (Secured Transactions) Bill, 2016’. The committee was required to submit its report on these bills in the house before June 14, 2016, June 21, 2016 and June 21, 2016, respectively.
After approval of the committee these bills will be presented before the House and then with the signature of the President of Pakistan will become law.
A well placed source at Federal Board of Revenue (FBR) told Customs Today that with the effectiveness of the said bills, the concerned financial institutions would be more empowered to regulate the funds transfers and place a strict supervision of transactions from abroad.
The source further said that these bills would also empower FBR to gear up efforts for enhancing revenue collections out of sales tax, income tax and federal duties.
Beside considering and approval of these bills, the committee also gave six months deadline to Higher Education Commission to establish sub campuses of Balochistan University in Zhob and Chaman to provide facility to the students of the area.
Committee met here with an agenda to deliberate upon and finalize recommendations for finance bill 2016-17 with Senator Saleem Mandviwala in the chair.
Senators Usman Khan Kakar, Sardar Azam Musakhel and Gul Bashra of Pakhtunkhwa Milli Awami Party gave a number of recommendations primarily dealing with different projects in Balochistan.
The committee also considered the proposal to establish a Forestry University in Ziarat. Senator Usman Khan Kakar underscored the need for establishing a livestock university in district Musa Khel.
Recommendations concerning 1000MW solar, wind, gas and coal power projects on CPEC western route were discussed and postponed will be discussed in presence of water and power ministry. Kuchlak to Zhob motorway, Zhob to D. I. Khan motorway and Bostan-Kohat railway line were decided to be discussed today in presence of NHA officers.
The committee accepted the recommendation to hold mineral survey in Quetta and Zhob division. In this regard, the Geological Survey of Pakistan will brief the committee.
The committee approved Senator Usman Kakar’s recommendations regarding gas projects in Balochistan, circular railway projects, cancer hospital in Loralai, allergy centres in provincial capitals and clinical laboratories in Balochistan.
Senator Kalsoom Parveen withdrew her recommendation regarding food security. Her recommendation regarding construction of mother and child care hospitals in Quetta was approved. Balance amount of Rs333 million for infrastructure of Lasbela University and fund allocation for solar tube wells in Balochistan were also accepted.
