Senate panel clears Finance Bill review, finalises recommendations for upper house

The Senate Standing Committee on Finance on Wednesday concluded its review of the Finance Bill 2026-27, finalising a comprehensive set of recommendations that will now be presented before the Senate for further deliberation.

The committee, chaired by Senator Saleem Mandviwalla, completed a detailed clause-by-clause examination of the finance bill over five consecutive sittings held at Parliament House.

The meeting was attended by Finance Minister Muhammad Aurangzeb, Minister of State for Finance Bilal Azhar Kayani, committee members, senior officials of the Federal Board of Revenue (FBR), representatives of relevant ministries, and stakeholders from the business and economic sectors.

During its review, the committee examined proposed amendments to key fiscal laws, including the Customs Act, 1969, the Sales Tax Act, 1990, and the Income Tax Ordinance, 2001.

Members also considered a range of proposals relating to financial, industrial, trade and broader economic reforms.

The committee's deliberations focused on key priorities, including the digitalisation of the tax system, customs reforms, expansion of the tax base, export promotion, investment facilitation, industrial development, improved revenue collection, and greater documentation of the economy.

Committee members also stressed the need for policy continuity, transparency, predictability and broader stakeholder consultation, observing that these principles are essential for strengthening economic stability and restoring investor confidence.