PAC seeks Rs120b workers welfare fund
The meeting of PAC was held on Thursday in the committee room of Sindh Assembly chaired by Chairman Senator Nisar Ahmad Khuhro. In which Makhdoom Fakharul Zaman, Secretary Labour Department, Rafiq Qureshi and other related officers participated. The audit objections of the Labour Department from 2018 to 2020 were reviewed in the meeting.
Khuhro inquired from the Labour Department that why the FBR has not yet paid the amount of workers welfare fund received from the industrial institution of Sindh to the province.
On this, Rafiq Qureshi informed that FBR received Rs120 billion from Sindh's share, but this amount was not paid to the province. Some industrial establishments had deposited Rs25 billion in the Sindh High Court, which was handed over to FBR till the decision of Council of Common Interests (CCI).
Khouhro clarified that after the 18th Amendment, the collection and distribution of workers' welfare fund was a provincial authority.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
12 hours ago
- Express Tribune
Aurangzeb vows to close tax loopholes, boost investor confidence
Finance Minister Muhammad Aurangzeb is interviewed during the G20 Finance Ministers and Central Bank Governors' Meeting at the IMF and World Bank's 2024 annual Spring Meetings in Washington. PHOTO: REUTERS Listen to article Federal Finance Minister Muhammad Aurangzeb on Wednesday pledged to close tax loopholes, enhance investor confidence, and maintain economic reforms, as he addressed the Rawalpindi Chamber of Commerce and Industry's Independence Day event. Aurangzeb said international institutions had welcomed Pakistan's reform measures, while recent Gallup surveys showed rising economic confidence. He noted a 60% growth in the stock exchange, an increase in new investors, and 250,000 new company registrations. Aurangzeb suggested the key policy rate could be cut further this year, citing falls in average and core inflation. Earlier in May, governor SBP, in a press conference along with other Monetary Policy Committee (MPC) members, announced a 100 bps cut, highlighting an improved inflation outlook and signs of moderate economic recovery. Beating the market expectations of a 0-50bps cut, the central bank reduced the policy rate by 100bps to 11% in a meeting," wrote Topline Securities. "We expect interest rates to come down to 10% by Dec 2025." Read: Policy rate slashed to 11% The minister said the government had finalised economic growth-focused agreements with the IMF, reached a favourable tariff deal with the United States, and was working on key accords with China. Panda bonds would be issued by year-end, and a benchmark for Sukuk bonds had been set, the finance czar. Aurangzeb further highlighted ongoing rightsising of 45 ministries, accelerated privatisation of state enterprises, and reductions in electricity tariffs, with further energy cost improvements expected. He assured that taxation reforms would not burden the salaried class and that the prime minister was personally overseeing FBR's transformation. Monthly meetings with chambers would be held to address business concerns. Read more: PM approves creation of digital ecosystem at FBR Calling for unity, Aurangzeb said the private sector must lead economic growth, with the government's role being to provide a favourable business climate.
Business Recorder
19 hours ago
- Business Recorder
Notification of TY25 return form sought: IRIS still facing technical glitches: ILA
ISLAMABAD: International Lawyers Association (ILA) has conveyed to the Federal Board of Revenue (FBR) that the IRIS e-filing system continues to suffer from serious technical and functional issues, pointing towards immediate notification of final income tax return form for tax year 2025. In a presentation to FBR Chairman, the ILA has observed that the Federal Board of Revenue, through SRO 1212(1)/2025 dated July 8, 2025, published the draft Income Tax Return under Rule 34A of the Income Tax Rules, 2002, which requires final notification within thirty days. However, despite the lapse of this statutory period, the final return for Tax Year 2025 has not yet been issued. This delay is causing serious uncertainty and operational difficulties for taxpayers and tax practitioners, and is likely to impede timely compliance with the statutory deadline of September 30, 2025. To make matters worse, the IRIS e-filing system continues to suffer from serious technical and functional issues, including but not limited to Non-Adjustment of Tax Withheld under Section 235 in the Case of AOPs. In cases where the declared tax liability is fully met through tax withheld under Section 235 of the Income Tax Ordinance, 2001, the system correctly shows 'Nil' tax demand. However, upon submission, it issues a Inconsistent Treatment of Tax Withheld under Sections 148 and 154: While both regimes are deemed to discharge minimum tax liability under the amended provisions, the system allows editing of income for imports (Section 148) but does not allow such editing for exports (Section 154). This inconsistency creates confusion and unequal treatment among taxpayers operating under similar mechanisms. Non-Opening of Return Forms for Non-Resident Taxpayers: When 'Non-Resident' status is selected based on the duration of stay in Pakistan, the system fails to open the return form, and even the 'Review and Submission' option is disabled, effectively preventing non-residents from filing returns. The ILA pointed out that many users are unable to log in at all, and even when login is successful, the system responds extremely slowly or hangs midway, causing delays in filing and unnecessary mental distress to taxpayers and professionals alike. In addition to these substantive glitches, we are facing widespread technical issues: The IRIS portal frequently hangs or becomes extremely slow after login, and in many instances fails to log in at all. Pre-filled data from withholding statements is often incomplete or inaccurate, leading to mismatches. The system updates to return forms and schedules reflecting legal changes are delayed. Carry-forward losses and refunds are not properly reflected. Unjustified discrepancies in wealth statement reconciliations arise even in genuine cases. The helpdesk capacity is inadequate, causing prolonged delays in complaint resolution. Despite repeated representations by the legal and tax fraternity to the relevant PRAL and FBR officials, the problems remain unaddressed. The persistent malfunctioning of PRAL's software is now on the verge of paralyzing the return filing process, risking a serious loss to the national exchequer and further shaking public confidence in the country's tax administration. The FBR should immediately issue the final Income Tax Return for Tax Year 2025 in compliance with Rule 34A. The FBR should rectify the identified system glitches, ensuring proper tax adjustments and consistent treatment under relevant sections. The FBR should also resolve the non-resident filing block without delay. The department should strengthen IRIS server performance, especially during peak filing days. The FBR must ensure accurate and timely updates to pre-filled data. The FBR should also enhance taxpayer and professional support services for swift resolution of issues, ILA added. Copyright Business Recorder, 2025
Business Recorder
19 hours ago
- Business Recorder
27th Amendment ‘on the cards'?: Bilawal dismisses ‘baseless rumours'
KARACHI: PPP Chairman Bilawal Bhutto-Zardari on Tuesday dismissed talk of any potential legislation regarding a 27th constitutional amendment as 'baseless rumours'. Speaking to reporters in Hyderabad about the matter, Bilawal addressed the 'baseless rumours', stating: 'So far, no federal minister, prime minister or party member has approached me regarding any amendments.' He also highlighted that the 26th Amendment was passed after reaching a consensus with compromise from political parties. 'PPP wanted constitutional courts, but we compromised,' he said. In a post on X, the PPP quoted him as saying, 'The 26th Constitutional Amendment is an eternal success. Judicial reforms and constitutional courts were a demand of the Charter of Democracy, but we prioritised a constitutional bench over a constitutional court for the sake of consensus.' Though the speculations are rife, there has been no official word regarding the 27th Constitutional Amendment. At present, the proposal to further reform the judiciary is at a very initial stage, but consultations are reportedly underway within the ruling PML-N and some legal circles. Despite these purported consultations, any draft for this proposed bill has yet to see the light of day. While responding to a question about amending the National Finance Commission (NFC) award, Bilawal said, 'Absolutely. Further changes must come in NFC.' He continued, 'The previous NFC award was given before passing the 18th Amendment, which was before 2010.' He said that various responsibilities of the federal government were handed to the provinces, adding, 'But the NFC is the same as it was prior to the 18th Amendment.' The PPP chairman continued, 'The Constitution says that the NFC award must be regularly given after five years. It is already mentioned that the shares of provincial governments cannot be reduced in new NFC awards.' 'All provinces must be given more resources as per the increased responsibilities after the 18th Amendment.' He added, 'We must immediately call NFC and give new awards. All provinces must be given resources according to the 18th Amendment.' Copyright Business Recorder, 2025
