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Business Recorder
23-05-2025
- Business
- Business Recorder
NA panel defers Income Tax (Second Amendment) Bill, 2025
ISLAMABAD: The Standing Committee on Finance on Thursday deferred 'The Income Tax (Second Amendment) Bill, 2025' — a government bill — due to the absence of the Chairman of the Federal Board of Revenue (FBR), whose presence was deemed essential for deliberations on the matter. At the start of the meeting, FBR Member Inland Revenue Policy informed the committee that the FBR chairman is busy with IMF team - Prime Minister office and unable to attend the meeting. Chairman Syed Naveed Qamar responded that, 'I am just coming from the IMF lunch and FBR chairman and Finance minister were not present there. Do not give us excuses. We will not take up matters of Revenue Division', he added. Naveed Qamar also directed the Revenue Division to enhance and automate the tax refund system to ensure timely disbursement of refunds, particularly for exporters and local manufacturers. Syed Naveed Qamar observed double taxation and policy inconsistencies within the Revenue Division. 9 bills including income tax, dumping duty passed by NA The committee considered The Parliamentary Budget Office Bill, 2025, and appointed a Sub-Committee to further examine the provisions of the bill and provide recommendations. The 13th meeting of the Standing Committee on Finance and Revenue was convened Thursday at the Parliament House, Islamabad, under the chairmanship of Syed Naveed Qamar, MNA/Chairman of the Committee. The Committee considered 'The Parliamentary Budget Office Bill, 2025.' The bill was introduced by Rana Iradat Sharif Khan, MNA, who provided a comprehensive briefing on the objectives and rationale behind the proposed legislation. The bill aims to establish a well-structured and independent Parliamentary Budget Office (PBO) to enhance the role of Parliament in financial oversight and governance. The Committee expressed unanimous support for the bill, acknowledging the importance of institutionalizing expert and non-partisan analysis of budgetary matters. The chairman highlighted that the proposed PBO, drawing from international best practices, would significantly strengthen legislative scrutiny over fiscal policy, government expenditures, revenue forecasts, and overall fiscal sustainability. He added that the establishment of the PBO would serve as a critical resource for lawmakers, enabling informed decision-making by providing robust analytical support, economic evaluations, and evidence-based insights. Following a detailed discussion, the Committee decided to appoint a Sub-Committee to further examine the provisions of the bill and provide recommendations. During the meeting, the President of the Karachi Chamber of Commerce and Industry (KCCI) presented a series of proposals for the upcoming national budget. He expressed serious concerns regarding the Finance Act, 2024, particularly the policy shift that moved exporters from the Final Tax Regime (FTR) to the Normal Tax Regime (NTR). He urged the Committee to recommend the reversal of this policy shift and to reinstate the Final Tax Regime for export-oriented businesses to ensure their continued viability and competitiveness. Furthermore, he called for the restoration of zero-rating on local supplies to support industrial growth and improve the cost-efficiency of production in the domestic economy. Chairman Syed Naveed Qamar took note of issues raised by KCCI and observed persistent challenges such as double taxation and policy inconsistencies within the Revenue Division. He emphasized the urgent need for systemic reforms within the FBR and called upon the institution to adopt a taxpayer-friendly approach. The chairman strongly advised the FBR to eliminate malpractice, simplify procedures, and develop a fair and transparent taxation framework to restore the confidence of both the business community and the general public in the country's revenue administration. Syed Naveed Qamar directed the Revenue Division to enhance and automate the tax refund system to ensure timely disbursement of refunds, particularly for exporters and local manufacturers. He underscored the need for expedited refunds as a key measure to improve business liquidity and foster economic growth. The chairman advised the FBR to hold a consultative visit to the Karachi Chamber of Commerce and Industry (KCCI) to directly engage with stakeholders and address their concerns comprehensively. A senior economist presented a pre-budget analysis before the Committee. The Committee deferred representation by Oil Refining Industry regarding Proposals for Taxation Reforms in Sales Tax, for the next meeting of the Committee. The Committee unanimously approved the minutes of its previous two meetings. The meeting was attended by Omar Ayub Khan (on Zoom), Rana Iradat Sharif Khan, Syed Sami Ul Hassan Gilani, Dr Mirza IkhtiarBaig, Dr Nafisa Shah, Sharmila Sahiba Faruque Hashaam, Muhammad Jawed Hanif Khan, Arshad Abdullah Vohra, Muhammad Ali Sarfraz (on Zoom), Muhammad Mobeen Arif, Usman Mela, and Shahida Begum, MNAs. Copyright Business Recorder, 2025
Business Recorder
15-05-2025
- Business
- Business Recorder
Aurangzeb assures NA: M-6 Motorway to be included in FY26 PSDP
ISLAMABAD: The federal government on Thursday reassured Pakistan People's Party (PPP) – a key coalition partner – that the long-delayed Sukkur-Hyderabad-Karachi Motorway will go ahead at all costs and it will be included in the Public Sector Development Programme (PSDP) for 2025–26. Speaking on a calling attention notice, PPP lawmakers prominently Naveed Qamar demanded clarity on the fate of the M-6 motorway. They demanded that the Planning and Development Minister be summoned to the House and give an assurance that this will be done at all costs. Responding the calling attention notice, Finance Minister Muhammad Aurangzeb confirmed that the project is a top priority for economic connectivity and will proceed regardless of whether the funding comes from foreign sources or domestic development allocations. Export-led growth is only way forward for Pakistan: Aurangzeb 'This motorway is critical to Pakistan's economic lifeline,' he said. 'It will be completed at all costs, through the PSDP or foreign financing.' The PPP pressed for the project's inclusion in the next fiscal year's budget, warning that further delays would impact economic development in Sindh. Aurangzeb confirmed that the federal budget is still being finalised and that the Ministry of Planning will be briefed to ensure the motorway receives appropriate funding. Minister of State for Planning, Development and Special Initiatives, Armaghan Subhani, acknowledged that the motorway project had been excluded from the 2024–25 PSDP, but promised its inclusion in the 2025–26 plan. 'This project remains a top priority,' he said. 'Groundwork is already underway, and we aim to initiate construction in the coming fiscal year.' He added that the Communications Ministry has proposed an initial allocation of Rs10 billion in upcoming PSDP, subject to revision. The project, he added, would be supported through a mix of public-private partnership models and international financing. 'Institutions like the Asian Development Bank (ADB) are already in discussions to co-finance the project,' he said. 'This will be a landmark initiative not just for Sindh and Balochistan, but for the entire country.' Responding to accusations of regional bias, he clarified that the motorway is not focused solely on Punjab. 'Only an 18-kilometre section of this motorway runs through Punjab; the rest connects Sindh and Balochistan, with strategic routes like Karachi to Quetta.' He said land acquisition has begun and planning is in advanced stages. The motorway is part of a broader national infrastructure vision spearheaded by Prime Minister Shehbaz Sharif. Meanwhile, in a separate development, the House was informed of major reductions in electricity prices across consumer categories, as part of a broader government effort to reduce the cost of living and stimulate economic activity. During question hour, Power Minister Awais Leghari told the House that electricity tariffs for domestic users consuming less than 200 units per month have been slashed by 57 per cent since June last year – benefiting nearly 18 million consumers. 'Industrial tariffs have been reduced by 31 per cent, while the agriculture sector has seen a 20 per cent cut,' he said, adding, 'In Faisalabad alone, industrial electricity consumption has surged by 35 per cent, reflecting the impact of these policies.' Leghari attributed the price cuts to new agreements with Independent Power Producers (IPPs), worth Rs3.5 trillion, and a restructuring of the subsidy model. For the agriculture sector, he said the government has moved from direct subsidies to a fuel cost adjustment approach, leading to more sustainable tariff reductions. He also highlighted the significance of these changes for economic competitiveness, stating that Pakistan could soon offer the region's lowest electricity rates. 'We are aiming for a unit price of Rs21 to 22 within the next three years – without subsidies,' he added. He acknowledged that challenges remain, particularly in the power sector's circular debt, which is projected to reach Rs2,429 billion by June 2025. However, he said the government is working with banks to refinance expensive loans at lower rates, which could ease the debt burden. Addressing load-shedding concerns, Leghari said power cuts are largely limited to areas with high losses. He criticised the Khyber Pakhtunkhwa provincial government for failing to implement agreed reforms to improve recovery and reduce losses, which remain at around Rs4 billion. He reiterated that there is no discrimination in provincial treatment, adding that seven gigawatts of surplus electricity are available and the government is engaging international development partners to further ease industrial tariffs. In other parliamentary business, Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhry said Pakistan's international image had improved significantly following its robust response to regional security challenges. He also said the government is working to improve the global ranking of the Pakistani passport and to facilitate overseas Pakistanis, who have sent record remittances in recent months. Parliamentary Secretary for Human Rights Saba Sadiq announced that a new Chairperson for the National Commission on the Status of Women will soon be appointed. She said the commission remains committed to safeguarding women's rights, with a focus on vulnerable groups in coordination with federal and provincial stakeholders. Copyright Business Recorder, 2025
Express Tribune
25-03-2025
- Business
- Express Tribune
PAC takes notice of rising sugar prices
The Public Accounts Committee (PAC) took notice of the rising sugar prices on Tuesday, expressing displeasure over the failure of concerned ministries to submit a report on the matter. PAC Chairman Junaid Akbar Khan, irked by the lack of response, summoned three federal secretaries – secretary of industries, secretary of national food security and secretary of commerce – to explain the delay. The meeting reviewed audit objections related to the Ministry of Housing and Works for the fiscal years 2022-23 and 2023-24. The committee was particularly alarmed by revelations that Rs11 billion had been disbursed to contractors for development projects without conducting mandatory laboratory reports. During discussions on financial irregularities, the Secretary of Housing and Works attributed the lapsing of grants to delays in final fund releases. The Ministry of Finance faced criticism for late disbursements. PAC member Naveed Qamar said it would be absurd to release funds on June 26. The PAC chairman questioned finance officials, asking whether funds had been allocated for lapses. Naveed Qamar asserted that the secretary of finance and the secretary of planning should be summoned and asked to rectify the procedure. The committee decided to defer the matter to the next meeting. The session also uncovered that luxury items worth Rs180 million had been purchased for two government-owned houses in Sector F-6, Islamabad. Committee members pressed housing ministry officials to disclose the occupants of these residences. However, the officials remained tight-lipped. Director General of the Public Works Department (PWD) claimed he was unaware of the details. In a sharp rebuke, PAC Chairman Junaid Akbar said, "If we had done something like this, the media would have been all over us, calling it a grave injustice". Addressing journalists present at the meeting, he questioned: "Can anyone tell me who lives here?" Secretary of housing and works assured the committee that the names of the occupants would be provided within 30 minutes. However, when the committee reconvened after the deadline, ministry officials cited 'network issues' and requested time to check the details outside the meeting hall.
Express Tribune
26-02-2025
- Business
- Express Tribune
CDA invites PAC's ire over illegal auctions
A shocking revelation emerged in the Public Accounts Committee (PAC) meeting regarding the illegal auction of 23 plots worth Rs37 billion. Committee member Qasim Noon criticised the Capital Development Authority (CDA), calling it "the most corrupt institution" with corruption ongoing for years without any accountability. The PAC also ordered a complete audit of the Gun and Country Club. During the meeting, CDA's Member Finance admitted that they had not prepared the financial statements, stating that the 2023-2024 financial statement was ready and would be submitted soon. Member Committee Syed Hussain Tariq expressed concerns, saying, "This is not the proper way." The CDA Chairman assured that future statements would be prepared on time, while the Interior Secretary promised to prevent such issues in the future. Committee member Naveed Qamar raised concerns, emphasising that someone should be held accountable, and suggested that the audit should look into this matter. Audit officials informed that CDA's operations are complex. The Interior Secretary requested two months to resolve the issues, but the CDA Chairman stated that it would take six months to prepare the financial statements. The PAC Chairman agreed, instructing the CDA to submit all financial statements within six months. Qasim Noon reiterated his criticism, describing CDA as the "most corrupt institution" with no one holding them accountable for years. The committee instructed that the issue of the non-transparent auction be referred to the DAC. The PAC also reviewed an audit objection regarding the Gun and Country Club's failure to deposit an additional Rs480 million into the Sports Endowment Fund account. Committee member Hussain Tariq, commented that the institution had never conducted a proper audit. "They were never willing to conduct an audit. How much money did they make and spend over five years?" The PAC Chairman ordered a complete audit of the Gun and Country Club and instructed that a report be submitted within a month. The PAC also discussed audit objections related to the G-B Scouts, particularly the irregular purchase of medical supplies worth over Rs53 million. The committee expressed frustration over the absence of the Director General (DG) and deferred the discussion until his presence. The DG of the Sindh Rangers also failed to attend, prompting the PAC to defer the audit of Sindh Rangers. Regarding the absence of the IG FC in the PAC meeting, the PAC was informed that the IG was engaged in operations due to deteriorating security conditions in the province. This sparked an exchange of remarks among committee members. Rana Qasim pointed out, "The country is in a state of war," while Naveed Qamar humorously suggested, "If the country is at war, should we dissolve the PAC?" Finally, the PAC instructed that all audit paras related to the FC be consolidated and directed recovery actions to be taken.
Express Tribune
18-02-2025
- Business
- Express Tribune
PAC reveals Rs68bn unpaid levy by two petroleum firms
Listen to article The Public Accounts Committee (PAC) has revealed that Rs68 billion in levy and penalties from two petroleum companies remain unpaid, prompting concern over regulatory lapses. During a PAC meeting, the Petroleum Secretary disclosed that one of the firms, Byco, rebranded as Cnergyico after defaulting, Express News reported. The company has now agreed to pay Rs1 billion annually. PAC questioned how the company was registered under a new name and summoned the chairman of the Securities and Exchange Commission of Pakistan (SECP) for clarification. Audit officials stated that the matter had been referred to the Special Investment Facilitation Council (SIFC), drawing queries from lawmaker Naveed Qamar on the legal basis for such a move. They added that the case was also sent to the Federal Investigation Agency (FIA) and the National Accountability Bureau (NAB). However, FIA and NAB officials at the meeting were unaware of the case's current status, prompting PAC's displeasure. The committee has summoned NAB Chairman and FIA Director General for an explanation in the next meeting. Last week, the PAC had pledged to recover Rs2.5 trillion, surpassing the Rs1.6 trillion recovered during the committee's previous tenure. The meeting of the PAC was held ounder the chair of Junaid Akbar at the Parliament House. During the meeting, the National Assembly Secretariat briefed the committee on the current status of audit paras and recoveries. According to the briefing, a recovery of 1.6 trillion rupees was made during the previous term of the PAC.
