ISLAMABAD: The Senate Standing Committee on Finance Wednesday expressed displeasure over the absence of the chairman Federal Board of Revenue (FBR) in the meeting.

During the meeting, the Chief Inland Revenue FBR briefed the committee on the Tax Laws Amendment Bill, 2021, for the new financial year.

The FBR officials informed that the Tax Laws Amendment Bill, 2021 has been made part of the Finance Act 2021.

Expressing displeasure over the non-presence of the chairman FBR at the meeting, the chairman committee summoned the chairman FBR in the next meeting of the Committee.

Chairman of the committee, Senator Talha Mahmood sought details of the “Tax Laws Amendment Bill, 2021” from the FBR.

The officials from the FBR told the committee that the Tax Law Ordinance has been made part of the Finance Bill 2021.

The chairman of the committee said that “no bill can be wiped blindly”.

Senator Saleem Mandviwalla asked, “which recommendations of the committee have been rejected in the finance bill?”

The committee sought a briefing from the FBR at its next meeting on the senators’ recommendations regarding the Finance Bill 2021.

Besides committee members, officials of the FBR and the SECP also participated in the committee’s meeting.

“The Tax Laws Amendment Bill 2021” and “The Companies Amendment Bill, 2021” were reviewed in the meeting.

Consideration of “The Corporate Restructuring Companies Amendment Bill, 2021” was recessed till the next meeting.

The committee was attended by senators, Sherry Rehman, Saleem Mandviwalla, Kamil Ali Agha, Faisal Sabzwari, and Saadia Abbasi.

The FBR officials, the chairman SECP, executive directors SECP, and director State Bank of Pakistan also participated in the meeting.

Copyright Business Recorder, 2021