ISLAMABAD: The Senate Standing Committee on Finance and Revenues on Wednesday deferred discussion on an agenda item pertaining to the Federal Board of Revenue (FBR) because of the unavailability of the chairman to respond to the committee on the issue.
The Senate committee was due to discuss the issue of undue restriction on import of PVC levied by the FBR, however, the House was informed that Chairman FBR Nisar Mohammad Khan was busy in the meeting of the National Assembly Standing Committee on Finance and Revenue at the same time. Therefore, the FBR officials requested the chairman to defer the discussion on the said agenda item and the House approved the request.
Senate body met here with Senator Saleem Mandviwalla in the chair to discuss a number of items and held detailed discussion on different private and government bills referred by the House for consideration and report.
The committee unanimously recommended that the Companies (appointment of legal advisors) Bill, 2016, may be passed by the Senate with two amendments proposed by the Committee.
Due course of discussion on a private member’s Bill “Protection of Economic Reforms (Amendments), Bill, 2016, the committee observed that there is a need to keep check on the foreign currency accounts.
The State Bank, however, opposed the proposed bill on the plea that the legal mechanism already exists in the relevant rules and also covered under AML Act. However, the Committee deferred further consideration on the Bill till tomorrow’s meeting with the direction that FBR may be invited to give its point of view on the said Bill.
Another Private Member Bill titled the Corporate Rehabilitation Bill, 2015 ,introduce by the Chairman Committee, on referral back by the House ,reconsidered by the Committee and the Committee recommended that this Bill may be passed by the Senate. The report of the Committee will be presented to the House in the next session.
The Committee also considered the status of the recommendations made by it and adopted by the House on the Finance Bill, 2016.
The Secretary Ministry of Finance briefed the Committee on the issue and informed that out of 139 recommendations 46 were implemented while 12 were partially implemented and 22 are in implementation process.
While considering the inclusion of transgender in the new Census form, the Statistics Division informed that proper arrangement has already been made in the Census form and a column with entry No. 3 has been included in the form. The Committee showed its satisfaction on the issue.
The officials of National Accountability Bureau briefed the Committee that Rs. 602.953 million has so far been recovered from the illegal Mudarba Companies out of which Rs. 14.5 million have been distributed amongst the affectees. However, the Committee directed NAB to provide details on the matter in writing within 15 days for information.
