Senate Body Seek Updates On Budget Recommendations

The Senate Standing Committee on Finance and Revenue on Tuesday sought updates on the budget recommendations made by the Senate finance Committee

ISLAMABAD, (UrduPoint / Pakistan Point News - 6th Aug, 2024) The Senate Standing Committee on Finance and Revenue on Tuesday sought updates on the budget recommendations made by the Senate finance Committee.

The committee was briefed in detail about number of recommendations fully implemented, partially implemented and rejected.

The Senate Standing Committee on Finance and Revenue convened at the Parliament House, chaired by Senator Saleem Mandiwalla. Federal Minister for Finance and Revenue, Muhammad Aurangzeb also attended the meeting.

The meeting addressed several agenda items including budget recommendations, FBR Policy board nomination, and status of Officer on Special Duty (OSD), tax exemptions for institutions and import of hydrocarbon solvents

The committee reviewed the status of officers assigned as Officer on Special Duty (OSD). It was confirmed that no officer has been on OSD in the past two years.

The chairman expressed concerns over lists of officers purportedly being sent to OSD by the Prime Minister's office, stressing that such actions require evidence. The FBR reiterated that officers are not sent to OSD without substantiated evidence or disciplinary proceedings.

The chairman noted that the FBR chairman has decided to take early retirement and suspended several officers, and an in-camera meeting will be arranged to address grievances.

The committee resolved to dispose of several government bills, including "The Deposit Protection Corporation (Amendment) Bill, 2024," "The Banking Companies (Amendment) Bill, 2024," and "The Equal Scales of Salary and Allowances Bill, 2024,” advise that they be reintroduced by the new government.

Senator Farooq Hamid Naek pointed out that the interim government lacks the authority to amend the constitution.

The committee ratified the nomination of Senator Zamir Hussain Ghumro to the FBR Policy Board.

The State Bank of Pakistan (SBP) requested an in-camera meeting to discuss measures to prevent money laundering related to solar panel imports.

The committee deferred discussion on suspicious banking transactions, directing the Financial Monitoring Unit (FMU) to provide a detailed briefing on the legal criteria for identifying suspicious transactions. Concerns were raised about potential misuse of suspicious transaction reports (STRs), with approximately 1,600 STRs reported this year.

The committee discussed exemptions from income tax, sales tax, federal excise duty, and customs duty granted to educational and health institutions.

Officials explained that exemptions are given to non-profit entities whose revenues are reinvested in institutional expansion.

The committee emphasized the need for rigorous monitoring to ensure funds are used appropriately.The committee addressed the issue of 500 consignments of light aliphatic hydrocarbon solvent, which is used in petroleum.

It was suggested that this product should be classified as a petroleum product. The matter has been referred to the Ministry of Commerce to deal appropriately.

The meeting was attended by Senators Farooq Hamid Naek, Anusha Rahman Ahmad Khan, Manzoor Ahmed, and Khalida Ateeb, who participated as the bill's mover.