Incorporating in Finance Bill: NA body to suggest recommendations to Tarin

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue has begun – for the first time – three days meeting, on Tuesday, to suggest recommendations to the finance minister for incorporating in the Finance Bill 2021, before his winding up speech.

The committee Chairman, Faiz Ullah, said that under rules of business of the National Assembly, for the first time, the National Assembly Finance Committee would be discussing the finance bill to make its recommendations and wanted the finance minister to appear in the next meeting, on Thursday.

The committee directed the secretary Finance to make a request to the federal minister for Finance and Revenue for attending the next meeting of the committee, which has already been fixed to he held on 24th June 2021.

The committee discussed the anomalies being faced by business community, exports and importers due sales tax on raw materials, tariff and regulatory duties, which have been causing concerns among the stakeholders.

Businessman from various sectors i.e. textile and garments, stationary, surgical, leather, customs agents association, ginners, petrochemical, and representatives from furniture-making industry presented their issues before the Committee.

The Committee discussed their proposals in detail and issued necessary directions to the Federal Board of Revenue, the Ministry of Commerce, and the Ministry of Finance to address these anomalies of business community before the next meeting of the committee tomorrow.

The committee members have expressed their concern about the anomalies of General Sales Tax (GST) and Regulatory Duties (RD).

The committee deferred the agenda pertaining to legislative business due to paucity of time.

The meeting was attended by Dr Nafisa Shah, Dr Aisha Ghous Pasha, Faheem Khan, Qaiser Ahamed Sheikh, Ali Pervaiz, Dr Rameesh Kuma Vankwani, Chaudhary Khalid Javed, MNAs besides senior officers from the Ministry of Finance and Revenue, the Federal Board of Revenue, and the Ministry of Commerce.

Copyright Business Recorder, 2021