ISLAMABAD: National Assembly Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization suggested that direct wealth tax / net wealth tax @ 0.5% (adjustable) should be charged by the government for increasing the revenue collection and also recommended that digital money promotion mechanism should be considered by the FBR and State Bank of Pakistan for increasing the revenue. The meeting of committee on Finance, Revenue, Economic Affairs held at Parliament House, Islamabad under the Chairmanship of Qaiser Ahmed Shaikh, MNA.
Qaiser Ahmed Shaikh, chairman of the committee apprised the members about the vital role of this committee for facilitating the Ministry of Finance and Revenue to prepare the upcoming Budget. He said that this Committee should thoroughly consider the suggestions /proposals received from various business forums/stake holders for onward submission to Finance Division. The Committee unanimously decided that its next meeting would be held on 26th April, 2017, to discuss the budgetary proposals, exclusively.
The Committee also decided that stakeholders and FBR would be called in the said meeting, while considering the suggestions received from Karachi Chamber of Commerce. The committee decided that Tax Reforms Commission report should be discussed in detail in its next meeting, because the Committee members were of the view that recommendations of the Karachi Chamber have already been addressed in the Tax Reforms Commission report. The committee recommended that 0.8% GDP on federal government expenditures for education should be consider, as announced by the finance minister in his last budget speech.
The committee considered the proposals of Pakistan Real Estate Investment Forum (PREIF) and recommended that government should allow the real estate sector for declaration of actual property value and taxation on the said value should be minimized. The committee also supported the proposals of real estate sector on some extent.
