Islamabad
\nThe Senate Standing Committee on Finance and Revenue,Chaired by Senator Saleem Mandviwalla, held its sixth consecutive session today at Parliament House.
\nThe Committee rigorously discussed the \u201cIncome Tax\u201d provisions of the Finance Bill 2025-26.
\nThe Committee was briefed on the tax reductions provided to salaried class under various slabs. Chairman FBR stated that the tax on salaried class has been significantly reduced. The Committee was of view that the individuals earning monthly income of one lac should be exempted from the tax.
\nDiscussing the newly introduced tax on e-commerce, the committee commented that the FBR should imposed tax on goods rather than services.
\nIn the Finance Bill 2025-26, income tax has been introduced on recreational clubs which were previously exempted from tax. State Minister for Finance and Revenue,Bilal Azhar Kayani, stated that the recreational clubs are liable to pay tax, where their income exceeds the expenditure,and such steps have been taken to broaden the tax net of the country.
\nFederal Minister for Finance and Revenue also highlighted the newly introduced mortgage facility. He stated that mortgage will be available for houses up to 2,000 sq. feet, and the individuals will also be eligible for tax credit not exceeding 30pc of total income.
\nCommenting on the FBR\u2019s new move of disallowing 10pc in case of purchases from non-registered suppliers ,the committee opined that such move will discourage competitive markets, as the number of registered suppliers is nominal across the country.
\nThe Committee also expressed concerns over the newly inserted clause, which restricts the \u201cEligible Person\u201d from making any purchase exceeding 130pc of wealth reflected in his\/her last year\u2019s statement. The Committee recommended that such threshold should be exceeded to 400pc of previous year\u2019s statement.
\nThe Committee concluded today\u2019s session and will resume tomorrow at 11:00 am.
\nIn attendance were Senators Syed Shibli Faraz,Mohsin Aziz,Fesal Vawda,Anusha Rahman Ahmad Khan,Muhammad Abdul Qadir,Ahmed Khan,Shahzaib Durrani,Federal Minister for Finance and Revenue Muhammad Aurangzeb,State Minister for Finance and Revenue Bilal Azhar Kayani,Chairman FBR Rashid Mahmood Langrial and other Senior Officials of relevant departments.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad The Senate Standing Committee on Finance and Revenue,Chaired by Senator Saleem Mandviwalla, held its sixth consecutive session today at Parliament House. The Committee rigorously discussed the \u201cIncome Tax\u201d provisions of the Finance Bill 2025-26. The Committee was briefed on the tax reductions provided to salaried class under various slabs. Chairman FBR stated that the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-485176","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n