Latest news with #SyedNaveedQamar
Express Tribune
24-05-2025
- Business
- Express Tribune
PAC body seeks special audit of training funds
Listen to article The chairman of the sub-committee of the Public Accounts Committee (PAC) has directed auditors to conduct a special audit of training funds amounting to millions of dollars to ascertain their alleged misuse. The sub-committee met under the chairmanship of Convener Syed Naveed Qamar at the Parliament House. The chairman lashed out at the Petroleum Division over the misuse of training funds. He said that officials spent the money on their trip to Rome with their wives while ignoring the plight of children living near oil and gas exploration fields. The issue was taken up while discussing the audit para relating to the utilisation of training funds by Oil and Gas Development Company Limited (OGDCL). Auditors said that OGDCL had a training fund of $584,000 but it utilised only 5%. OGDCL Managing Director Ahmad Hayat Lak challenged the claim, saying that the company had disbursed half of the money to the DG petroleum concessions and utilised more than half of the funds on the local and external training of officials. While discussing the audit para pertaining to strategic storages, Lak said that the storages helped the company to store oil at a time when Attock Refinery had shut down. He said that those storages were even used to store oil from other fields in the country. The sub-body settled almost all audit paras relating to OGDCL. While discussing audit paras concerning Sui Southern Gas Company (SSGC), sub-committee Chairman Naveed Qamar questioned the unaccounted-for-gas (UFG) benchmark set by the Oil and Gas Regulatory Authority (Ogra). He criticised the regulator for setting an unrealistic benchmark. The auditors pointed out that SSGC had consistently faced a 17% UFG, which put a burden of Rs90 billion on consumers while causing another loss of Rs129 billion over the past few years. SSGC Managing Director Amin Rajput clarified that the company had achieved a milestone by reducing the UFG in recent years, which stood at 10.56% in 2023-24 compared to 13% in the previous year. He stressed that the company had been able to curtail the UFG level despite high losses in Balochistan where several cases of meter tempering were detected. Regarding liquefied natural gas (LNG) swap, the MD said that the issue had been resolved between SSGC and Sui Northern Gas Pipelines Limited (SNGPL) as both companies had signed a settlement agreement. SSGC has paid SNGPL Rs20 billion whereas the remaining Rs11 billion will be released in installments.
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
Late payment surcharges: PAC dismisses PPL's Rs1.2bn claim against Cnergyico Pk Ltd
ISLAMABAD: A sub-committee of Public Accounts Committee (PAC) has dismissed Pakistan Petroleum Limited (PPL)'s Rs 1.2 billion claim for late payment surcharges against BYCO Petroleum Pakistan Limited now renamed Cnergyico PK Limited on long outstanding dues. The committee concluded that no formal sale agreement existed between the two companies and the matter was sub-judice thus, nullifying the surcharge claim. Syed Naveed Qamar convened the meeting to examine Audit Report of Petroleum Division (PPL, OGDCL, PMDC and ISGS) for audit years 2022-23 to 2014-15, 2012-13 and 2011-12. During the audit of PPL for the fiscal year 2017-18, it was observed that PPL made supply of condensate to BYCO and an amount of Rs 1.2 billion was outstanding for the period from December 2009-11. The condensate was sold to BYCO without any agreement and all supplies were made on the direction of Ministry of Petroleum and Natural Resources. However, no payment was made by BYCO. The PPL made a number of requests to BYCO and the ministry for the payment of outstanding dues. Later on, the company declared the amount of Rs 1.181 billion as doubtful debts and subsequently, made provisions of doubtful allowance in the annual accounts for the year 2011-12. An official of NAB apprised the members' committee that BYCO honoured its commitment and deposited Rs1.2 billion outstanding principal amount to NAB and the amount was returned to PPL after keeping lawful 25 percent share in the recovery. Copyright Business Recorder, 2025
Express Tribune
10-05-2025
- Business
- Express Tribune
NA panel slams 'brutal' tax law
A parliamentary committee on Friday expressed serious reservations over the recently promulgated the Tax Laws (Amendment) Ordinance, 2025, declaring it a brutal measure. A meeting of the National Assembly's Standing Committee on Finance was held at the Parliament House under the chairmanship of Syed Naveed Qamar. During the meeting, members belonging to the PPP expressed reservations over the presidential decree. Commenting on it, Qamar noted that the tax ordinance was issued just a day before the National Assembly session. "This is highly inappropriate. What was the emergency that required issuing a tax ordinance before the June budget?" he asked. Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial stated that while sales tax law allows production monitoring, this provision was absent in income tax. He claimed that poultry companies were involved in tax evasion, noting that the cost of producing a chick is Rs65 to Rs75, while companies are making Rs100 profit per chick daily. "A company had been paying Rs1.3 billion in annual tax but actually it owed Rs10 billion. After action was taken against the company, chicken prices began to decrease," he stated. He said income tax returns of similar companies are fraudulent. "The presidential ordinance grants the FBR authority to monitor production and empowers it to recover taxes after orders from the Commissioner Appeals, Assessment Officer, and Tribunal,' he said. The chairman revealed that tax evasion in the tobacco sector is estimated between Rs250 to Rs300 billion and that provincial police and administration will be given powers to catch tax evaders. However, he admitted the ordinance will not yield substantial recovery, estimating only a 5% to 10% increase or about Rs30 billion in additional revenue. He said both the Federal Cabinet and the president had made an informed decision in issuing the ordinance. Naveed Qamar warned that police officers may abandon their regular duties to pursue tax enforcement.
Business Recorder
10-05-2025
- Business
- Business Recorder
Tax law: NA body says govt has bypassed Parliament
ISLAMABAD: The National Assembly Standing Committee on Finance on Friday categorically conveyed to the Federal Board of Revenue (FBR) that the government has bypassed Parliament for promulgating Tax Laws (Amendment) Ordinance, 2025, and urgently communicated ordinance to the FBR's field formations for recovery from taxpayers. The National Assembly Standing Committee on Finance discussed the situation arising from the Promulgation of Ordinance No IV/2025 with particular reference to concerns of stakeholders and trade bodies. Chairman of the committee MNA Syed Naveed Qamar expressed serious concern that it is abuse of power to promulgate an ordinance for recovery from taxpayers without giving them right of appeal. FBR Chairman Rashid Mahmood responded that there is no abuse of power through promulgation of this ordinance. The ordinance has been cleared from the federal cabinet as well as the president of Pakistan. NA body adopts report on Tax Laws (Amendment) Bill: Restrictions on transactions of non-filers from July 1 The chairman of the committee directed the Law and Justice Division to immediately table the ordinance before the parliament for urgent action on this legislation. 'The government has urgency to promulgate the ordinance instead of making it part of the Finance Bill (2025-26). We have also same urgency to review the ordinance,' he added. The representative from the Ministry of Law and Justice informed the committee that the ordinance would be presented as a bill in the current National Assembly session, which would subsequently, be referred to the committee for consideration and report. The committee chairman questioned, what was the urgency to take these recovery measures through ordinance. The representative of the Law Division stated that there was an urgency but he failed to explain the urgency of the government. The committee deliberated on the urgency and rationale behind the ordinance while expressing concerns over its potential impact on various sectors across the country. Members emphasised that amendments to the law must be carefully evaluated to avoid unintended consequences on other categories. Naveed Qamar stated that the FBR has no answer to convince the committee about the urgency for promulgating this ordinance. 'We are waiting for the Ordinance to come to us in the form of a bill and we will question and securitise this ordinance,' Qamar said. The FBR chairman requested the committee that the ordinance is promulgated for a limited time period and the committee should give them 1-2 months to see the operations of the ordinance. The amendments in tax laws could have been passed through Finance Bill (2025-26), but you have shown urgency, the chairman committee responded. MNA Mirza Ikhtiar Baig stated that the Ordinance is totally contradictory to the FBR's commitment of business friendly environment. The trade bodies including Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has strongly agitated against the said ordinance. The committee members also raised question about the repercussions of the Tax Laws (Amendment) Ordinance, 2025 on judiciary. At one stage, the FBR chairman stated that it is the prerogative of the legislator to reject this legislation. The FBR chairman explained that the FBR only wants to implement the orders of the High Courts. This ordinance introduces only three carefully scoped amendments, addressing urgent legal, administrative, and enforcement gaps in the tax system. Although the courts are now resolving cases promptly, a procedural lacuna in the law previously allowed taxpayers a 30-day delay in making payments on confirmed demands—even when the matter had been conclusively decided by the apex courts. As a result, billions in confirmed revenue remained unrealised despite clear court verdicts. The amendment through Sections 138(3A) and 140(6A) seeks to curtail this delay and allow for swift implementation of final judgments issued by the Supreme Court and High Courts, the FBR chairman added. Copyright Business Recorder, 2025
