April 05, 2018, 70th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held today i.e April, 2018 in Committee Room No. 7 (4th Floor), Parliament House Islamabad, under the Chairmanship of Mr. Qaiser Ahmed Shaikh, MNA.
 
2. While considering the implementation status of the recommendations made by the Committee with regard to the deduction of markup rates on agriculture loans to the farmers, the Committee once again recommended to Ministry of Finance to reduce the markup ratio on the said loans up to single digit. The Committee recommended that payment of WHT @ of 2% adjustable for industrial importer at import stage for raw material following under chapter 25 to 55. No Exemption Certificate would be issued to industries, Commercial importers importing raw material under chapter 25 to 55 will pay @ 4% WHT as full and final. However, rest regime of WHT will remain the same.

3. The Committee once again recommended to Federal Board of Revenue to reduce tax rates (236k, 236c) and increase should be made where required. The Committee further recommended that FBR should directed their field offices to rectify pending anomalies i.e. Port Qasim, Karachi, where FBR values are much more than market values. The Committee recommended that in the first instance FBR should take measures towards documentations for bringing DC values and raised those by 15% and notify as FBR value by removing upper cap of 236w, as it will increase massive collection of revenue. The Committee strongly recommended to FBR to resolve the issues pertaining to FBR valuation table with the consultation of Pakistan Real Estate Investment Forum (PREIF), Association of Builders and Developers (ABAD) and other concerned stake holder from different cities.

4. The Committee consider the “The Controller General of Accounts (Appointments, Functions and Powers) (Amendment) Bill, 2017 and decided that subject bill would be discussed in its next meeting after consultation with concerned departments.           

5.  The Committee recommended that the matter pertaining to Eradication of Riba should be resolved according to the Constitution of the Islamic Republic of Pakistan. The Committee also discussed the IMF report on Pakistan Economy, while considered the issues regarding Free Trade Agreement with China, the Committee members have expressed their apprehensions about the local industry and business community, however, it was ensured by the Minister of State for Finance and Revenue that all stake holders would be taken on board in this regard. The Committee also directed to Additional Secretary, Ministry of Commerce to provide the analysis details of import and export between Pakistan and China. The Committee further decided that a joint meeting should be convened with Standing Committee on Commerce to discuss the Foreign Trade Agreement (FTA). The Committee discussed (in camera) the causes of current devaluation of Pakistani currency against Dollar and other currencies.

6. The Committee discussed the calling attention notice moved by Rana Muhammad Hayat Khan, MNA regarding inadequate laws for recovery of loans from the defaulters including waived off loans. The Committee recommended to State Bank of Pakistan (SBP) to inquire about the matter referred by the Member regarding waive off loans by the Government. The Committee directed the SBP to provide the details in this regard within 15 days for further necessary action. The Committee recommended to Ministry of Finance to provide the details of write off loans of last 10 years, from the amount of 100 million rupees and above.       
 
7.  The meeting was attended by Dr. Shezra Mansab Ali Khan Kharral, Sheikh Fayyaz-ud-Din, Mian Abdul Mannan, Syed Naveed Qamar, Dr. Nafisa Shah, Mr. Asad Umar, Mr. Abdul Rashid Godil and Mr. Muhammad Ali Rashid MNAs, besides the senior officers from Ministry of Finance & Revenue, Ministry of Commerce, State Bank of Pakistan (SBP), Auditor General of Pakistan, Federal Board of Revenue and Controller General of Pakistan.