NA Body Emphasizes For Reassessing High-cost Project

The National Assembly Standing Committee on Finance on Tuesday emphasized the need to reassess the high-cost project, due to its low profitability

ISLAMABAD, (UrduPoint / Pakistan Point News - 11th Feb, 2025) The National Assembly Standing Committee on Finance on Tuesday emphasized the need to reassess the high-cost project, due to its low profitability.

The 10th meeting of the Standing Committee on Finance and Revenue was held in the Parliament House, under the Chairmanship of Syed Naveed Qamar, MNA/Chairman.

The Pak Mint Project is being continued solely for historical reasons, and allocating a substantial amount to it during a period of financial constraints would not be wise, said Chairman Syed Naveed Qamar.

Bilal Azhar Kayani, Convener of the Sub-Committee of the Standing Committee on Finance and Revenue, presented the report of the sub-committee on “The Tax Laws (Amendment) Bill, 2024”, which was subsequently adopted by the committee.

The Chair emphasized that the Revenue Division should revisit Clause (5)(a) to provide greater clarity on the term "cash and equivalent assets." He also directed the Revenue Division to finalize the updated online system/mobile app and present a demonstration to the committee within two months.

The Chairman and Members commended the hard work, dedication, and thorough efforts of the Sub-Committee Convener, its esteemed Members, Special Invitees, and all relevant Stakeholders in the preparation of the report.

He acknowledged their commitment to ensuring a comprehensive and well-structured review of the proposed amendments.

In his remarks, the Convener also expressed his gratitude to all participants, including the Federal board of Revenue (FBR) officials, for their exceptional cooperation and valuable contributions throughout the process.

The successful adoption of the report marks a significant step towards refining and improving the tax framework, reflecting the collective efforts of policymakers, experts, and key stakeholders in strengthening the country's financial and economic landscape.

The Committee further Considered “The Tax Laws (Amendment) Bill.2024” (Government Bill), and recommended following Amendments in the new section 114C of Amendments of the Income Tax Ordinance 2001. In section 114C, Clause (2) paragraph (a) be replaced as follows (a) Purchase of all rickshaws, motorcycles and tractors.

The committee deferred amendments in the Federal Excise Act 2005 for the next meeting of the Committee.

The Committee reviewed the Public Sector Development Program (PSDP) of the Finance Division for the financial year 2025-2026.

The Secretary of Finance informed the Committee that no new projects have been proposed for 2025-26.

The Committee discussed five ongoing projects.

During the review, Chairman Syed Naveed Qamar observed that Pak Mint continues to operate primarily for historical reasons and questioned the wisdom of allocating such a substantial amount to it, especially amid financial constraints.

The Committee emphasized the need to reassess the high-cost project, The modernization and upgradation of Pak Mint Phase-II-A, due to its low profitability.

The Committee unanimously approved Minutes of its previous meeting.

The meeting was attended by Bilal Azhar Kayani, Rana Iradat Sharif Khan, Syed Sami Ul Hassan Gilani, Kesoo Mall Khel Das, Dr. Mirza Ikhtiar Baig, Dr. Nafisa Shah, Muhammad Jawed Hanif Khan, Arshad Abdullah Vohra, Omar Ayub Khan, Shahram Khan,Muhammad Mobeen Arif, Usman Mela, Muhammad Ali Sarfraz, and Ms. Shahida Begum, MNAs.

The meeting was also attended by Ali Pervaiz Malik, Minister of State for Finance, Secretary Finance, Chairman FBR, and other senior officers from the Ministry.