Senate Committee directs ministers of finance and revenue to ensure presence in next meeting

ISLAMABAD, Apr 17 (APP):The Senate Standing Committee on Finance, Revenue and Economic Affairs here on Wednesday directed the ministers of finance and revenues to ensure their presence in the next meeting in order to apprise the committee about the state of economy.

The committee met here with Senator Farooq Hamid Naek in the chair also sought details of stand-by financial facility with International Monitory Fund and reasons behind increasing rate of inflation in the country.

The committee also directed the Revenue minister and Chairman Federal Board of Revenue to furnish the details of implementation status of the recommendations made by the committee and adopted by the House on the Finance Supplementary ( Second Amendment) Bill 2019.

The committee differed the discussion on Maternity and Paternity Leave Bill, 2018 as it was informed by the senior officials of the Ministry of Law that a meeting was scheduled for making further deliberation on the above mentioned bill.

While discussing another agenda item regarding granting tax exemptions for minimum ten years to the tourism industry for the coastal areas to encouraging more investment from the private sector to promote coastal tourism, the FBR official informed that there were different sectors of that industry.

The committee was informed that FBR was providing relaxation on air fairs in term of Federal Excise Duty, where as the revenue collection of the services and collection of sales tax were coming under the provincial subject, however the FBR would extend all incentives to promote the coastal tourism.

The committee directed the Securities and Exchange Commission of Pakistan that Unified Corporate Reporting System regulations, which were required for a director to disclose personal details of minor children including their birth identification, even the children holding no share to remove and report the committee.

Senators Sherry Rehman and Ayesha Raza Haroon expressed their displeasure over the absence of the ministers in the meeting and said that their presence was vital to ensure parliament’s oversight on the financial matters of the country.

The Head of Islamic Banking of the State Bank of Pakistan told the meeting that Islamic financing was increasing and playing vital role in economic development of the country. He said that 22 institutions were providing Islamic finance facilities.