ISLAMABAD: The Senate Standing Committee on Finance and Revenue on Wednesday voiced concern over the increased rates of taxes on petroleum products since 2013 and termed the indirect taxes as unjustified.
The committee also demanded the government withdraw taxes from petroleum products to provide relief to the people. In this regard, the committee has asked the Federal Board of Revenue to submit record of the rates of taxes on petroleum products along with the total tune of revenue collections from these taxes in the last three years.
The data must be in an explicit and easy to understand form so that there may not be any hurdle for members of the committee to understand it” the Chairman Committee Senator Saleem Mandviwala observed while chairing the committee meeting here.
He made this observation while discussion on an agenda item regarding the briefing by the FBR on the rate of taxes and revenue collected on petroleum products since June 30, 2013 with year wise break. This observation was the result of the fact that data provided before the committee was a little bit difficult for a few members of the committee to understand.
In this regard, the committee gave one week time to FBR to submit the required information before the committee. Committee also announced to bring the said issue in the notice of the House through a resolution as well as to hold a general debate on the subject of taxes on petroleum products.
On account of non sufficient record and data presented before the committee, the house postponed the deliberations on clearance of circular debt of power sector mounting to Rs 480 billion by the incumbent government in last three years. Committee asked Ministry of Water and Power and FBR to provide sufficient and tangible record to committee for productive debate.
The committee also expressed serious concerns over the embezzlement occurred in Prime Minister Youth Loans Scheme in National Bank Mardan Region, with directions that strict action should be taken against the people involved in the scam. Moreover, the committee directed the Finance Ministry and National Bank management to take such administrative measures to check such treatment with account holders in future.
