The Federal Board of Revenue (FBR) is set to seek clarification from the Ministry of Law and Justice on the controversial issue of taxing SUVs under the category of Electric Vehicles (EVs), the Senate Standing Committee on Finance and Revenue was informed on Wednesday.
The committee convened under the chairmanship of Senator Saleem Mandviwalla was briefed on the issue of taxing SUVs under the category of Electric Vehicles (EVs). FBR chairman assured that a reference will be sent to law ministry for seeking clarification in this regard.
The committee addressed a series of pressing matters of public importance, with an emphasis on tax policy, banking regulations, and economic governance.
The Committee also addressed a Starred Question by Senator Mohsin Aziz, concerning the fee collected by FBR for Point of Sale (POS) services and its utilization.
The FBR chairman confirmed a new policy to penalize businesses issuing fake POS receipts, with a fine of Rs. 0.5 million and the closure of shops involved in such practices.
Senator Aziz highlighted weaknesses in enforcement, with some fake receipts circulating in the market, including a bill in Islamabad marked “tentative.” The FBR chairman acknowledged the issue and assured that enforcement measures would be strengthened soon.
Another important issue discussed was Islamic banking in Pakistan, raised by Senator Farooq Hamid Naek, who pointed out that full implementation of Islamic banking is set for 2027, yet progress has been slow.
The Deputy Governor of the State Bank of Pakistan (SBP) emphasized the need for continued deliberation on Islamic banking and assured the committee that several banks are actively working towards compliance. A separate meeting will be scheduled to focus on the abolition of interest and provide a detailed briefing on Islamic banking practices.
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