National Assembly’s Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatisation while considering recommendations on various sectors has forwarded them to ministries concerned for their incorporation in the upcoming budget.
During its 55th meeting held on May 16, 2017, under the Chairmanship of Qaiser Ahmad Sheikh, issues regarding the regarding dairy sector in Pakistan were discussed and recommendations stated that the dairy sector should be considered on zero-rating instead of an entire exemption of tax.
The committee also discussed the challenges to the local wire and cables manufacturers and supported the viewpoint of the local cable industry. The committee strongly recommended that local wire and cables manufacturers should be considered in the zero-rated tax net. The committee further recommended that the proposal received from cables sector should be sent to the Federal Board of Revenue (FBR) for further consideration.
The committee was briefed by the representative of Karachi Timber Merchant Group on the proposals prepared by the timber merchants. The committee forwarded it exactly in the same form to the FBR for its consideration to incorporate in the upcoming budget.
Besides, the committee was informed by the representative of Pakistan Plastic Manufacturer Association regarding the problems being faced by the industry due to the custom tariff of polymeric MDI. The committee strongly recommended for downward revision of customs tariff on polymeric MDI (further PCT 3909-3000 in the upcoming budget).
During the meeting, the president of National Bank of Pakistan (NBP) assured the committee that issues relating to pensioners would be taken up in the board’s meeting for its positive solution, shortly.
The committee discussed Rs 18.5 billion scam in NBP’s Bangladesh branch. The NBP Bangladesh branch had given loans valuing Rs 18.5 billion without securing collaterals while the branch released securities in certain cases without recovering the loans. Replying queries of members of the committee regarding the filing of reference by National Accountability Bureau (NAB) in the scam, a director of NAB informed the committee about actions taken so far against the 16 people involved in the scam. The committee recommended that details of the actions taken by NAB in this regard may be provided to the committee.
The committee deferred “An Eradication of Riba Bill, 2015” (moved by Sher Akbar Khan, MNA) and “The Islamabad Capital Territory Prohibition of Private Money Lending Bill, 2017” (moved by Sajid Nawaz, MNA). The committee considered “The Microfinance Institutions (Amendment) Bill, 2017” (moved by Sajida Begum, MNA) and recommended that the State Bank of Pakistan will prepare a proposal regarding the offer for special care to disabled persons of the society by providing loans on soft terms and conditions.
The committee considered “The Auditor-General’s (Functions, Powers and Terms & Conditions of Service) (Amendment) Bill, 2017) and recommended that the Bill may be passed by the National Assembly, as reported by the Standing Committee.
Earlier the Committee approved the minutes of the last meeting held on 26-04-2017. The meeting was attended by Saeed Ahmed Khan Manais, Sheikh Fayyaz-ud-Din, Mian Abdul Mannan, Syed Mustafa Mehmud, Asad Umar, Sajida Begum, Sher Akbar Ali Khan, MNAs and other senior officers from the ministry of finance and revenue, NBP, SBP and AGP.
