FBR to brief Senate body on withholding tax anomaly, Benami Act

ISLAMABAD: The Federal Board of Revenue (FBR) would brief the Senate Standing Committee on Finance, Revenue, Economic Affairs and Narcotics Control here Friday on the anomaly of withholding tax deducted on bonus share issue in respect of mutual funds.

The committee, which is scheduled to meet under the chairmanship of Senator Saleem Mandviwalla would also discuss with the FBR the rules made under Benami Act 2017.

According to Senate notification, the board is also scheduled to present its progress report on the audit of withholding taxes collected by Telecom sector.

In addition, the committee would discuss with Ministry of Finance the separation of cadres of Accounts and Audit in line with the summary approved by the Prime Minister, while the ministry would present its progress report on the appointment of Independent Officer for audit of Auditor General of Pakistan (AGP) as required under clause 7 of Finance Act 2015.

The ministry would also submit its progress report on the recommendations made by the committee regarding presentation of the draft bill in respect of the Federal Consolidation Fund (FCF) and Public Account as required under article 79 of the constitution.

The committee would also consider an amendment with regard to the qualification of AGP in the Auditor General’s (Functions, Powers and Terms and Conditions of Services) (Amendment) Bill 2017}, as passed by the National Assembly and referred to the committee for consideration.