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Business Recorder
7 days ago
- Business
- Business Recorder
Parliamentary Budget Office: draft bill rejected
ISLAMABAD: The draft of the Parliamentary Budget Office Bill 2025, presented in the National Assembly's Sub-Committee on Finance for the establishment of a Parliamentary Budget Office, was rejected here on Tuesday. The government turned down the draft bill moved by committee member Rana Iradat Sharif, deciding instead that the Ministry of Finance and the Federal Board of Revenue (FBR) will prepare a fresh draft and present it to the sub-committee. The sub-committee, chaired by Dr Nafisa Shah, reviewed the proposal to set up a Parliamentary Budget Office. Finance Secretary Imdadullah Bosal informed the committee the bill granted excessive powers to the proposed office. He suggested the office should have an analytical mandate for the Standing Committee, and that budget proposals be shared with the Ministry of Finance through the committee rather than directly. He also recommended that, initially, the office's scope be limited to the National Assembly. FBR Chairman Rashid Langrial proposed that the budget office work with sectoral experts to guide parliamentarians, while officials insisted the office should not have direct authority to work with the Ministry of Finance on budget proposals. Special invitee Syed Naveed Qamar noted that many countries have similar offices to enhance parliamentary awareness. The rejected draft proposed a 30-member budget office, including the Speaker of the National Assembly as chairperson, the Senate chairman as deputy chairperson, the chairman of the Public Accounts Committee (PAC), the finance minister, provincial assembly speakers and deputy speakers, chairpersons of the National Assembly and Senate finance committees, four senators, eight MNAs, and secretaries of both houses. The bill suggested establishing sub-offices in provinces, Azad Jammu and Kashmir, and Gilgit-Baltistan. The proposed office would review budget analyses, government spending, and revenue estimates; brief parliamentary committees; examine legislation for fiscal impact, and review tax policies, financial estimates, and national debt sustainability. Copyright Business Recorder, 2025
Business Recorder
16-07-2025
- Business
- Business Recorder
Higher business costs: MoF, SECP strongly object to amendments thru CSR Bill
ISLAMABAD: Ministry of Finance and Securities and Exchange Commission of Pakistan (SECP) strongly objected to amendments through 'The Corporate Social Responsibility Bill, 2025', arguing it will increase cost of doing business of companies in Pakistan. The 16th meeting of the Standing Committee on Finance and Revenue was held Wednesday at the Parliament House under the chairmanship of Syed Naveed Qamar, MNA. SECP Chairman Akif Saeed said that the amendments should not be proposed in the existing law. The present objective can be achieved through other alternate options. The law would create discrimination between the cost of doing business of association of persons (AOPs) and registered companies. Secretary Finance observed that we will come up with a solution where objective would be achieved without increasing cost of doing business of the companies. The committee considered 'The Parliamentary Budget Office Bill, 2025', moved by Rana Iradat Sharif Khan, MNA, and constituted a Sub-Committee under the Convenorship of Dr Nafisa Shah, MNA, for detailed deliberation on the bill and submission of its report within 30 days. Ali Zahid, Arshad Abdullah Vohra, and Muhammad Mobeen Arif, MNAs, will be the members of the newly appointed sub-committee. Dr Mirza Ikhtiar Baig, MNA, presented the report of the Sub-Committee on 'The Corporate Social Responsibility Bill, 2025', moved by Dr Nafisa Shah, MNA. The Committee adopted the report and deferred the discussion on the report for the next meeting of the Committee. The Committee expressed serious concern over the absence of the Secretary, Industries and Production, and deferred the agenda item relating to the new Electric Vehicle Policy. During the meeting, Secretary Finance and Chairman SECP Saeed said that there is no mandatory provision regarding the corporate social responsibility in the world except in India. Furthermore, it would result in increasing the doing of business cost and may discourage companies. The committee was further informed that many companies do not perform CSR. The committee members objected to their reservations while saying that one percent increase companies cost of doing business, but what about the 19 percent mandatory sale tax. On the taxation side, the government has no objection, but when we talk about welfare for the poor, there are serious objections. Nafisa Shah said that some companies are paying even 1.5 percent CSR. The Committee adopted the report and deferred the discussion on the report for the next meeting of the Committee. The meeting was attended by Rana Iradat Sharif Khan, Syed Samiul Hassan Gilani, Ali Zahid, Dr Nafisa Shah, Mirza Ikhtiar Baig, Muhammad Jawed Hanif Khan, Arshad Abdullah Vohra, Muhammad Mobeen Arif, Usama Ahmed Mela, MNAs. The meeting was also attended by Bilal Azhar Kayani, the Minister of State for Finance, Syed Rafiullah and Aliya Kamran, MNAs/movers of the starred questions. The secretaries and officers from the Finance and Revenue Divisions were also present during the meeting. Copyright Business Recorder, 2025
Business Recorder
18-06-2025
- Business
- Business Recorder
PPP MP criticises FBR's ‘harsh' steps
ISLAMABAD: A member of National Assembly Standing Committee on Finance, Tuesday, said that the Federal Board of Revenue (FBR) was moving towards measures like 'Martial Law' and taking very tough measures against business community. During the NA Standing Committee on Finance's meeting held here on Tuesday, MNA Nafisa Shah from the PPP stated that the FBR is declaring a 'martial law' on the taxpayers' community. Responding to this, the FBR chairman said that tax matters did not have any relation with martial law, as he served as a civil servant under a democratic regime. He said that there was a potential to bring one million retailers into the tax net. The FBR shared its plan to expand its enforcement plan for bringing three million retailers into the tax net. He said that the FBR will extend the tier-1 retailers regime to large retailers. The stringent requirements with opportunity of safeguards will be placed, and all those who do not get themselves registered their utilities will be blocked, freezing of bank accounts, attachment of properties, sealing of premises, and appointment of a receiver. Copyright Business Recorder, 2025
Business Recorder
14-05-2025
- Business
- Business Recorder
SECP tells Senate panel: CSR compliance for listed cos a must
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), Tuesday, informed the Senate Standing Committee on Finance that listed companies are required to duly comply with the corporate social responsibility (CSR) requirements in the country. The SECP officials informed Senate Standing Committee on Finance Tuesday that the SECP has given responsibility to the Boards of the listed companies to deal with Environmental, Social, and Governance (ESG) considerations and Gender Equality and Diversity and Inclusion (DE&I). Senate Standing Committee on Finance, Tuesday, also sought comments of NGOs on 'The Corporate Social Responsibility Bill 2025'to provide for the corporate social responsibility for companies, banks, and SOEs (State-owned enterprises) with matters arising out of or connected therewith. The sub-committee, headed by Dr Mirza Ikhtiar Baig, MNA, reviewed the private members bill introduced by Dr Nafisa Shah, MNA, by inviting experts and stakeholders. The SECP officials informed about the CSR reforms undertaken by the SECP including CSR reporting guidelines, integration of CSR into Code of Corporate Governance as well as capacity building and awareness programs to educate companies on CSR. The SECP officials added that they aim to build a strong and growing corporate sector that is attractive to both domestic and foreign investors, ensuring economic stability. The committee assessed the implications and potential impact of the legislation based on their findings. MNA Ali Sarfraz recommended constitution of a separate government department for regulating/spending the funding of the CSR. Till a federal department is not constituted, there are apprehensions of wastage of CRS funds. The government needs to issue guidelines after collection of CRS funds. Among stakeholders, CEO of a company disclosed that it is a wrong impression that the corporate sector is earning huge profits. All chambers are spending reasonable amount of funds on CSR activities. The family NGOs are reregistered as per government rules/regulations. Through family NGOs, funds are allocated to poor segments of the society. Under the proposed law, every company excluding the non-profit, or charitable companies, incorporated under the provisions of the Companies Act, with a turnover of more than Rs1 billion shall earmark not less than one percent of its net profit which shall be spent for activities or projects relating to corporate social responsibility as provided in the Schedule under the provisions of this Act. Provided that companies with less turnover shall follow the guidelines issued by the SECP. The Board of Directors of the company shall ensure that the company shall spend the amount earmarked under sub-section (l), of this section in pursuance of its Corporate Social Responsibility Policy. Copyright Business Recorder, 2025
Express Tribune
13-03-2025
- Politics
- Express Tribune
No official visa ban on Pakistanis, UAE clarifies
The United Arab Emirates (UAE) has confirmed that there is no official visa ban on Pakistani nationals, Pakistan's Ministry of Foreign Affairs (MoFA) informed the National Assembly in a letter, local media reported on Thursday. Responding to a query from lawmaker Dr Nafisa Shah, the ministry stated that the UAE Embassy in Islamabad had clarified the matter. According to the embassy, the UAE's Federal Authority for Identity, Citizenship, Customs, and Port Security has introduced a new five-year visa policy with additional requirements. Under the revised policy, applicants must provide round-trip tickets, hotel bookings, proof of property ownership (if applicable), and a down payment of 3,000 Emirati dirhams (AED). The ministry noted that while there is no formal ban, several factors have contributed to increased scrutiny of Pakistani applicants. These include cases of individuals submitting fake degrees, fraudulent employment contracts, and incidents of visa overstays. Some Pakistani nationals have also been implicated in political and criminal activities. Additionally, UAE authorities have expressed concerns over the misuse of social media by certain members of the Pakistani community. The Pakistan Embassy in Abu Dhabi has been engaging with UAE officials at ministerial and under-secretary levels to address these issues. Senior officials from MoFA's Middle East Division have also raised the matter with the UAE Embassy in Islamabad. To facilitate smoother visa processing, the ministry has been sharing recommendation letters with the UAE Embassy in Islamabad. Emirati authorities have reiterated that there is no official restriction on Pakistani applicants.
