39th meeting of the Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization of the National Assembly was held today, the 24th August, 2016 in Committee Room No. 7, under the Chairmanship of Mr. Qaiser Ahmad Sheikh, MNA, on the following agenda:-
i. Confirmation of minutes of last meeting held on 16-08-2016.
ii. To consider “ The Limited Liability Partnership Bill, 2016” (Govt. Bill)
iii. To consider “The Income Tax (Amendment) Bill, 2016” (Ordinance No. XLIX of 2001) (Govt. Bil).
iv. Briefing by the Chairman, FBR regarding Tax imposition and its implementations on real estate transactions in the light of amendments made in the Finance Bill, 2016-17.
v. Briefing/replies from the Chairman, FBR regarding national revenue collection (NRC) as per the enclosed questionnaire.
vi. Briefing by the Chairman, Federal Board of Revenue (FBR) regarding differential of Income Tax between Commercial Importers and Industrial Importers.
vii. Comprehensive briefing by President, NBP on performance of the National Bank of Pakistan.
viii. Briefing by Director General NAB and President NBP on the implementation status of the inquiry on NBP Bangladesh scam.
ix. Comprehensive briefing by the Governor State Bank of Pakistan with regard to the last three years investment made by the Pakistan Companies and individuals with permission of the State Bank of Pakistan (SBP) abroad.
2. Mr. Asad Umar, Committee Member reiterated that Committee should ask the Federal Board of Revenue (FBR) for briefing with regard to Panama Papers. However, Mr. Qaiser Ahmad Sheikh, Chairman of the Committee said that Chairman, FBR has already informed the Committee about the ongoing process, in this regard.
3. Director, National Accountability Bureau (NAB) informed the Committee about the status of the inquiry/investigation regarding NBP Banglandesh scam. He said that investigation on the matter would be completed during the month of September, 2016. The Committee recommended that NAB will submit its report after one month to this Committee.
4. President, National Bank of Pakistan (NBP) briefed the Committee about the performance of NBP. He said that NBP has issued Rs. 96 Billion, as lending in agriculture sector. The Committee recommended that NBP would furnish growth/profit comparison statement with other Banks. The Committee Members have shown their reservations about the promotions and transfers policies adopted by the NBP. The President, NBP informed that presently, 16000 employees were working in NBP, which is higher than NBP requirement. The Committee decided that NBP will furnish its recommendations for further reforms/improvements in the NBP. The President, NBP also stated that NBP has developed its automation system. The Committee Members were further apprised by President, NBP regarding Prime Minister Youth Business Loan (PMYBL). He told the Committee that Rs. 7.7 Billion has been disbursed under this project. The Committee recommended that NBP should enhance its pace for functioning of PMYBL project.
5. Director, State Bank of Pakistan (SBP) informed the Committee regarding the last three years investment made by the Pakistani Companies and individuals with permission of the SBP abroad. He said that investment abroad is allowed only for those countries that allow repatriation of profits, dividends and capital. He added that applications under equity investment abroad up to US$ 5.00 Million are approved by SBP and applications for equity investment abroad above US$ 5.00 are recommended to ECC for their approval. The Committee deferred agenda item no. iii—vi owing to the request of the Chairman, FBR.
6. Meeting was attended by Mr. Muhammad Pervaiz Malik, Mian Abdul Mannan, Ms. Shaza Fatima Khawaja, Syed Naveed Qamar Mr. Asad Umar and Mr. Abdul Rashid Godil, MNAs and besides senior officers from Ministry of Finance & Revenue, NBP, SECP, NAB and SBP.
(AMIR OMER MALIK)
Secretary Committee
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