ISLAMABAD: The Standing Committee on Finance and Revenue on Thursday decided to invite Federal Board of Revenue (FBR) Chairman Nisar Mohammad Khan for briefing about imposition of tax on real estate transactions in light of amendments made in the Finance Bill, 2016-17.
The briefing was already on the agenda of the meeting which held here under the chairmanship of Qaiser Ahmad Sheikh. However, it was deferred due to absence of the FBR chairman as he is out of the country.
On a complaint lodged by committee member Mian Abdul Manan against the National Bank of Pakistan president, the committee summoned the president to next meeting to explain his position on the said complaint.
The committee was informed that the government was taking a number of steps to promote the islamic banking in the country.
The committee had to discuss ‘The Cost and Management Accountants (Amendment) Bill, 2015 and the Benami Transaction (Prohibition) Act, 2016, but discussion and deliberation on both the bills were deferred to next meeting of the committee due to some inevitable reasons.
Ministry of Finance Secretary Waqar Masood said that that the Cost and Management Accountants (Amendment) Bill, 2015 was under consideration of Ministry of Finance and Revenue; therefore, this agenda item should be placed on the agenda for committee meeting at least after one month.
While considering “An Eradication of Riba Bill, 2015” the Secretary Finance informed the Committee that subject matter was under consideration with apex court and Ministry of Finance is working for improving the Islamic Banking in the country.
He further said that government was taken due measures for the promotion of Islamic Banking in the country. He further added that steering Committee report in this regard was also awaited.
On the request of committee member Sher Akbar, the committee decided that same may be taken on the agenda later on with consultation of the mover. The Committee decided that next meeting of the committee would be convened on August 23, 2016.
