ISLAMABAD: For the first time in Pakistan’s history, Senate and National Assembly’s Standing Committees on Finance will jointly review the finance bill for financial year 2016-17 on Tuesday.
Finance Minister Ishaq Dar, Finance secretary, FBR chairman and other authorities will attend the joint meeting of both committees. This meeting was called by Senate Finance Committee Chairman Saleem Mandviwala. Tax experts have also been invited to understand the amendments in the tax laws.
The FBR chairman and other authorities will brief the members of the committees about the finance bill. The members will be informed about the income tax and sales tax exemptions, new taxes, amendment in existing laws and new laws.
The purpose of joint meeting is to understand the complexities in laws and develop consensus on the suggestion presented by both committees for the budget.
The chairman of committee told that the joint meeting will help the members in understanding the amendments made by the FBR in the finance bill. The FBR has been directed to provide written remarks regarding the amendments in tax laws, besides giving the reasons and comparison of these amendments.
