Islamabad: the 8th September, 2016: 40th meeting of the Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization of the National Assembly was held today, the 8th September, 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 24-08-2016.

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.                “The General Statistics (Reorganization) (Amendment) Bill, 2016 (Moved by Mr. Aftab Ahmad Khan Sherpao, MNA)

v.                  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.

vi.                Briefing/replies from the Chairman, FBR regarding national revenue collection (NRC) as per the enclosed questionnaire.

vii.              Briefing by the Chairman, Federal Board of Revenue (FBR) regarding differential of Income Tax between Commercial Importers and Industrial Importers.

viii.            Discussion on the recommendations of the Standing Committee with regard to zero rating sales tax on stationery items. 

The Committee Members were apprised by the senior representative of Securities & Exchange Commission of Pakistan about the main features of the Limited Liability Partnership Bill, 2016. He said that this Bill will provide a new form of business structure, which would fill the gap between business firms such as sole proprietorships and partnerships. He further stated that proposed law will also provide an alternative forum for business organizations, which has the flexibility of general partnership.
It was decided by the Committee that said Bill would be discussed in the next meeting of the Committee.

Chairman, Federal Board of Revenue (FBR) briefed the Committee regarding differential of Income Tax between Commercial Importers and Industrial Importers. The Committee unanimously decided that a proposal in this regard would be forwarded to FBR for consideration on the matter.

While considering the zero rating sales tax on stationery items. It was recommended by the Committee that stationery association will send a comprehensive proposal to this Committee for onward submission to the FBR for its fruitful decision.

The Committee recommended that Panama Papers, etc. and other related issues would be discussed in the next meeting of the Standing Committee. It was also decided that FBR will brief the Committee regarding national revenue collection (NRC) as per the notice given by Committee. The Committee deferred the remaining agenda. 

Meeting was attended by Rana Shamim Ahmed Khan, Mr. Muhammad Pervaiz Malik, Sheikh Fayyaz-ud-Din,  Mian Abdul Mannan, Ms. Shaza Fatima Khawaja, Syed Naveed Qamar, Dr. Nafisa Shah, Syed Mustafa Mehmud, Mr. Asad Umar and Mr. Abdul Rashid Godil, MNAs and besides senior officers from Ministry of Finance & Revenue.