Islamabad -- The 40th meeting of the National Assembly Standing Committee on Finance, Revenue and Economic Affairs was held under the chairmanship of Mr. Faiz Ullah, MNA.
According to press release, the Committee welcomed Mr. Javed Ghani, the newly appointed Chairman, Federal Board of Revenue (FBR) and recommended that he should continue for smooth and effective functioning of the department.
Mr. Hamid Attique, Member-IR (Policy) informed the Committee that 'The Tax Laws (Amendment) Ordinance, 2019' (XIII of 2019), laid in the National Assembly on 11-11-2019, was lapsed on 30-5-2020, however, the objectives of the said Ordinance were got approved in 'The Finance Bill, 2020'. He further informed that 'The Tax Laws (Amendment) Bill, 2019', was also incorporated in 'The Finance Bill, 2020', therefore, the same has been repealed and the FBR has withdrawn the said Bill.
Dr. Muhammad Ashfaq Ahmed, Member (Inland Revenue), briefed the Committee about the refunds issued by the FBR in respect of Income Tax, Sales Tax and Customs. The Committee expressed its dissatisfaction on the presentation given by the Member (Inland Revenue) and directed the FBR for comprehensive briefing in the tomorrow meeting.
While considering the implementation status on previous recommendations of the Committee regarding purchase of pulses (Dal Channa), the Committee decided that Managing Director, Utility Stores Corporation (USC) should attend the tomorrow meeting personally.
President, Zarai Taraqiati Bank Ltd...