The government has decided that it will not give any extension in date of filing of tax returns, which was December 15, 2016. Chairman Federal Board of Revenue (FBR) Nisar Muhammad Khan told this Wednesday to the Senate Standing Committee on Finance, which due to lack of quorum eventually deferred discussion on economic reforms and Benami transactions laws.
A meeting of the committee presided over by Senator Saleem Mandviwalla failed to maintain mandatory quorum required to consider and approve legislation on the agenda of the meeting and had to drop other agenda items to get briefing on implementation on the committee''s recommendations to the Finance Bill for two hours. Except Fateh Muhammad Hassani, no other committee member appeared in the meeting.
The chairman FBR stated that the government last year extended date of filing of tax returns till March but "we have decided that there would be no extension in filing of tax returns after December 15, 2016."
He also claimed of simplifying the system to file the tax returns, saying there were fewer complaints that year as compared to last year. "Simplification is an ongoing process and it would continue in the coming years as well," he said. Special Secretary Finance Division, Dr Shujaat Ali maintained that 83 recommendations of the committee had either been implemented or were being implemented in the budget. However, he had no answer to the information sought by the members of the committee with respect to their recommendations for allocation of funds for Nollan Dam in the current fiscal year.
"Ministry of Planning and Development can give answer to the question," said Shujat Ali, while Deputy Chairman of Planning Commission Shahid Naeem was also unable to give details and stated, "There was no specific demand," adding the Planning Commission had allocated Rs 10 million and, that too for a study, of Rs 26 billion Nollan Dam project.
Senator Fateh Muhammad Hassani complained that the federal government was not releasing funds for development projects in Baluchistan. The chairman of the committee directed Securities and Exchange Commission of Pakistan (SECP) to report back to the committee within two week after having detailed in-house discussion on private members'' Partnership Amendment Bill, 2016.
The bill was moved by Senator Azam Khan Swati in September 2016 in the House and was subsequently referred to the finance committee for consideration and report. The proposed law aims at amending the partnership Act 1932 in its application to the Islamabad Capital Territory.
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