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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
16-07-2025
- Business
- Business Recorder
PRI financing: IMF asks MoF and SBP to find a way forward
ISLAMABAD: The International Monetary Fund (IMF) has asked the Ministry of Finance and the State Bank of Pakistan (SBP) to sit together and find a way forward for financing the Pakistan Remittances Initiative (PRI) - a scheme for facilitating remittances through formal channels. This was revealed by the finance secretary, while briefing the National Assembly Standing Committee on Finance and Revenue, which met with Syed Naveed Qamar in the chair, here on Wednesday. The committee observed that the remittances' reward paid to banks and exchange companies facilitating overseas inflows through official channels is turning to be a new circular debt. The finance secretary informed the committee that due to fiscal constrain no amount has been allocated for the scheme for the current fiscal year against Rs89 billion earmarked last fiscal year, however, it crossed Rs100 billion. Even if it is paid from the SBP profit, would means indirect payment by the Finance Ministry. 'We are engaged with SBP to find a solution for financing PRI as it has already been decided to revise the scheme,' he added. Govt decides to review Pakistan Remittances Initiative The committee was informed that the reward structure — previously set between 20 to 30 riyals per incremental transaction — has now been revised to a flat rate of 20 riyals across all transaction sizes. The minimum eligible transaction threshold is being raised from $100 to $200. The committee further deliberated upon 'the parliamentary budget office bill 2025,' moved by Rana Iradat Sharif Khan envisaging to establish parliamentary budget office to enhance fiscal oversight, transparency and parliamentary security of budgetary matters. The finance secretary said there is no need of legislation for establishing budget office. Even if it is established, the office should be a lean, he added. The committee constituted a sub-committee under the convenorship of Dr Nafisa Shah 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. The committee expressed serious concern over the absence of the Industries and Production secretary, and deferred the agenda item relating to the new electric vehicle policy. The committee deferred discussion on 'The Starred Question No 40', moved by Sharmila Faruqui, MNA, 'The Starred Question No 38', moved by Aliya Kamran, MNA, 'Non-Implementation of Minimum Wages, as announced by the Federal Government in its departments'' matter raised by Syed Rafiullah, MNA, and 'Islamic Banking' matter received from Syed Iftikhar Hussain Naqvi, member Council of Islamic ideology, for the next meeting of the committee. Copyright Business Recorder, 2025
Business Recorder
25-04-2025
- Politics
- Business Recorder
NA body passes resolutions to condemn actions of Indian govt
ISLAMABAD: National Assembly Standing Committee on Parliamentary Affairs unanimously passed two resolutions separately that strongly condemned the actions of the Indian government, including the unilateral suspension of the Indus Waters Treaty and the downgrading of diplomatic relations and the tragic loss of innocent civilian lives in Gaza, characterising Israel's actions as a form of ethnic cleansing. The committee met with MNA Rana Iradat Sharif Khan at Parliament Lodges, Islamabad on Thursday. The committee, unanimously, passed two resolutions. The first resolution strongly condemned the actions of the Indian government, including the unilateral suspension of the Indus Waters Treaty and the downgrading of diplomatic relations, deeming these actions as a serious provocation. The second resolution strongly condemned the tragic loss of innocent civilian lives in Gaza, characterising Israel's actions as a form of ethnic cleansing. Furthermore, the committee extended its heartfelt condolences on the passing of Pope Francis, acknowledging the global impact of his death. Earlier, the Secretary Ministry of Parliamentary Affairs briefed the Committee on efforts to enhance the effectiveness of the Prime Minister's Public Affairs and Grievance Wing, with a focus on expanding its outreach across Pakistan, especially in remote and underserved areas. The ministry provided an update on its coordination on the development of a comprehensive strategy to integrate the Chief Ministers' public grievance management systems, including AJK and GB, with the Pakistan Citizen's Portal (PCP). The committee was also briefed on the status of assurances given on the floor of the House. Since the inception of the 16th National Assembly, a total of 44 Assurances have been made by various Ministries/Divisions, of which implementation reports of the 22 Assurances have already been submitted. The meeting was attended by MNAs, Mahmood Bashir Virk, Shaikh Aftab Ahmed, Muneeba Iqbal, Naveed Aamir, Dr Nikhat Shakeel Khan, Mujahid Ali, Ali Muhammad and Hameed Hussain. Secretary Ministry of Parliamentary Affairs and other senior officers of the ministry also attended the meeting. Copyright Business Recorder, 2025
