The National Assembly Standing Committee on Finance and Revenue was held today under the chairmanship of Member National Assembly (MNA), Faiz Ullah.
Member, IR-Policy, Federal Board of Revenue (FBR) briefed the Committee regarding the position of Income Tax Refunds from July 1, 2020, to December 31, 2020, saying that the opening balance was Rs. 379 billion, which was Rs. 313 billion on December 31, 2020, as closing balance.
He further presented the slab-wise details of income tax refunds and pending refunds as of 01-01-2021. He also informed the committee about the updated status on sales tax refunds, including released up till July-December, 2020, in FASTER and Non-FASTER Refund System.
The Committee appreciated the efforts made by the FBR, in this regard, however, directed that FBR may prepare a comprehensive presentation with a strategy for reaching the revenue targets.
Member, IR-Policy also explained the matter regarding tax evasion by a milk company. He said that legal action under section 161 has been taken, and an administrative fact-finding inquiry has been ordered in this respect. Furthermore, he informed the committee about the news story published about tax issues of the National Bank of Pakistan (NBP) president, alleging the accumulation of offshore assets.
He said that tax proceedings in the case were in hand and at an advanced stage. However, taxpayers’ information submitted to FBR was confidential under section 216 of the Income Tax Ordinance 2001.
Honda Atlas Vice President and Company Secretary, Maqsood ur Rehman Rehmani, and Toyota Indus Motors HR Relation Head, Muhammad Babar Saleem, briefed the Committee about the issues being faced to Automobiles industry concerning taxation, local manufacturing, causes of price hike, including new Electric Vehicles policy, and reasons for asking of a level playing field for old manufacturers.
Saleem also highlighted the importance of Hybrid Vehicles in the country.
The Committee discussed the problems being faced by the small manufacturers of the furniture industry of District Chiniot and directed the Member IR-Policy to arrange the meeting for resolving the issues in this regard.
The meeting was attended by MNAs and movers, Aamir Mehmood Kiani, Amjid Ali Khan, Makhdoom Syed Sami-ul-Hassan Gillani, Jamil Ahmed Khan, Faheem Khan, Dr. Ramesh Kumar Vankwani, Qaiser Ahmed Sheikh, Chaudhary Khalid Javed, Ali Pervaiz, Dr. Aisha Ghaus Pasha, Nafisa Shah, Syed Naveed Qamar, and Abdul Wasay. The meeting was also attended by the senior officers from Ministries of Finance, FBR, Law and Justice, and Industries and Production.