Senate body approves IT (Second Amendment) Bill 2025
Islamabad: The Senate Standing Committee on Finance and Revenue Thursday approved Income Tax (Second Amendment) Bill 2025, seeking report on teachers' salary tax
deductions.
The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, approved the Income Tax (Second Amendment) Bill 2025. The Committee focused on the withdrawal of tax exemptions for salaried individuals particularly teachers whose salaries faced significant deductions. Senator Mohsin Aziz suggested expediting the refund or adjustment process. Senator Saleem Mandviwalla directed the Federal Board of Revenue (FBR) to submit a detailed report identifying affected teachers and the status of their refunds, emphasizing that failure to return deducted amounts undermines the law's intent. The FBR Chairman assured compliance and supported the committee's recommendations.
The committee also reviewed budgetary allocations and utilization under the Public Sector Development Programme (PSDP) for 2024 25. While the Planning Commission raised concerns over lapsed project budgets, Finance Ministry officials clarified no funds had lapsed and over 50 percent of authorized funds had already been disbursed. Senator Mandviwalla requested written figures and recommended summoning the Finance Ministry and relevant departments to ensure transparency.
In discussions on the proposed barter trade mechanism between Pakistan and Iran, Senator Mandviwalla inquired about the absence of a formal net-off settlement mechanism and urged concerned departments to develop a clear procedure. The committee emphasized relaxing existing restrictions and expanding the list of tradable items. Senator Mandviwalla asked stakeholders to submit proposals for new items and directed authorities to resolve operational issues such as limited customs hours and storage space at NLC terminals in Quetta. He also recommended forming a local committee in Quetta to address traders' concerns on the ground.
Copyright Business Recorder, 2025
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