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ISLAMABAD: A meeting of the Senate Standing Committee on Finance, Revenue and Economic Affairs met on Tuesday to deliberate upon the report of the Finance (Supplementary Bill), 2021, which was earlier referred by the House in its sitting held on 4th January 2022.

The committee was presided over by its Chairman Senator Muhammad Talha Mahmood, here at the Parliament House.

Senator Mahmood said: “As the committee chairman, I have fulfilled the constitutional requirement on the process of the bill by making painful decisions.”

He said: “I pray that the apprehensions of the committee prove infructuous and the wisdom of the government, the Federal Board of Revenue (FBR) and the ministry, behind the imposition of the new tax policies prove prolific.”

The chairman committee thanked all the committee members for vetting upon the bill, at length, in the larger interest of the general public.

The chairman committee reiterated that the committee strongly believes that the bill will bring a tsunami of inflation in the country, since the basic needs are being inflated by the imposition of taxes on commodities in usage of the common man.

The chairman committee also apprehended that the refund system, which is made the basis of the new Finance Bill, is “unrealistic and impractical”.

“All the money will be dumped in the government’s treasury,” he stated.

“It will also bring further gap between the business community and the institutes”, he further added.

The committee, unanimously, endorsed the views of Senator Sherry Rehman and Dilawar Khan for evolving a mechanism of voting on the Senate recommendations;

clause-wise reading of the report was considered by the committee members and made appropriate amendments.

The meeting was attended by Leader of the House in the Senate, Dr Shahzad Waseem, Senator Saadia Abbasi, Sherry Rehman, Saleem Mandviwala, Dilawar Khan, Mohsin Aziz, Faisal Saleem, Syed Faisal Ali Subzwari, and Senator Musadik Masood Malik, along with officials of the attached departments.

Copyright Business Recorder, 2022

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