Islamabad: In the last session of Senate Standing Committee on Finance and Revenue,chaired by Senator Saleem Mandviwalla, the committee took exception to certain clauses of \u201cPublic Finance Management Management Act\u201d allowing autonomous bodies to retain money and submit surplus profit into Public account. The Committee called for rationalization of these clauses,as it would only result in financial irregularities. The Committee vehemently rejected the Rs. 2.5 Carbon levy proposed in the Financial bill 2025-26. Senator Saleem Mandviwalla underlined that Petroleum Division has proposed Rs. 2.5 carbon levy without providing sustainable\u201cEmission Reduction\u201d plan for the environment. The Committee was briefed on the exemptions provided to businesses located in Khyber Pakhtunkhwa and newly merged districts. It was informed that the exemptions for Cinema operators have been limited to 2030, granting 05 years exemptions from the date of operations. ONLINE
\nHowever, the FBR has extended the withholding exemption for businesses existing in erstwhile FATA till 2026.
\nHighlighting the significance of newly introduced \u201cDigital Presence Proceeds Act\u201d, Chairman FBR stated that the tax has been imposed on digital platforms providing services within the country without retaining physical footprint.
\nDiscussing the Power Sector initiative for payment of circular debt through refinancing, NEPRA officials stated that,as of now, Rs. 3.23 per unit is being charged to consumers. However, NEPRA proposed removal of 10pc cap limit, as it would help in obtaining necessary refinancing needed for the payment of Power Sector\u2019s circular debt.
\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: In the last session of Senate Standing Committee on Finance and Revenue,chaired by Senator Saleem Mandviwalla, the committee took exception to certain clauses of \u201cPublic Finance Management Management Act\u201d allowing autonomous bodies to retain money and submit surplus profit into Public account. The Committee called for rationalization of these clauses,as it would only result […]<\/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-485330","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n