ISLAMABAD
Senate Standing Committee on Finance, Revenue and Economic Affairs reviewed the implementation of amendments in Finance Bill 2017 proposed by the committee.
The committee reviewed the bill, clause by clause, and found that the FBR had accepted around 80 per cent of its recommendations for amendments.
The meeting was held under the chairmanship of Senator Mandviwala and was attended by Senators Mohsin Aziz, Nasreen Jalil, Fateh Muhammad Hasani, Saud Majeed, and high officials of Federal Board of Revenue (FBR).
During the meeting, the committee was informed that FBR was engaged with the provincial revenue authorities to reach an agreement on mutually sharing data.
Senator Saud Majeed said with such agreement, the number of taxpayers would be increased considerably across the country.
Furthermore, the committee expressed dissatisfaction over the partial acceptance of its recommendation of increasing tax for the purchase of the leased vehicle by the non-tax filers from existing 3 per cent to 5 per cent.
Member Inland Revenue Policy FBR, Dr Muhammad Iqbal said the tax was increased to 4 per cent this year, however, he hoped that this ratio could be increased to 5 per cent in next budget.
Senator Saleem Mandviwala claimed that the government had made some additional changes in the Finance Bill 2017 without informing the committee.
However, Iqbal said that FBR would provide a complete list of all changes made in the Finance Bill in next meeting.
Earlier while, discussing on the agenda of compliance report by the FBR on the pending refund cases of the companies, as directed by the committee in its meeting held on August 27, the meeting was informed that the pending refund cases would be cleared as soon as the finance minister returns back to the country.
