ISLAMABAD: Federal Board of Revenue (FBR) Chairman Amjed Zubair Tiwana has stated the caretaker government approved the reforms but the implementation will be done by the next elected government.

This was stated by the FBR chairman during an informal discussion with the Chairman of the Senate Standing Committee on Finance, Saleem Mandviwala, on the FBR reforms before taking the agenda of the committee.

The FBR chairman said that the FBR will complete the groundwork for reforms and submit it to the next government, adding that the reforms will be implemented by the next elected government.

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Before the start of the Senate Standing Committee on Finance on Wednesday, the FBR chairman was responding to different queries of the Senate Finance Committee chairman on the restructuring plan of the FBR.

Later, the proceedings of the committee were made in-camera at the request of the FBR on the agenda item of embezzlement of Rs410 million from overseas Pakistani’s account in a commercial bank.

A comprehensive briefing by the Director Federal Investigation Agency (FIA), Karachi was given to the committee regarding the investigation into the disappearance of Rs410 million from an overseas Pakistani’s bank account held at the commercial bank in Karachi, said a statement issued by the Senate Secretariat.

The director FIA disclosed that the investigation is currently under way and an FIR was filed against five individuals on February 19, 2024. The meeting was further informed that of the awaiting forensic reports for five accounts, one account’s forensic analysis has already been received.

Senator Farooq Naek emphasised the urgency of recovering the embezzled amount, advocating for freezing the accounts of those implicated in the fraudulent activity. He said that the matter should not be considered resolved until a resolution is reached.

The committee chairman reiterated their primary concern that the complainant must receive rightful compensation. He urged the bank to devise a solution to the matter.

The committee directed the FIA to expedite the investigative process in order to resolve the issue swiftly. The committee affirmed that the newly-formed finance committee, post the senate election, would continue to address this issue and others pending resolution.

In his closing remarks, Mandviwala expressed thanks to the committee members for their unwavering support to him and also acknowledged the Ministry of Finance and Revenue and its affiliated departments for their cooperation in various matters taken up by the committee. The members of the committee also appreciated his chairmanship and the way he steered the committee in a balanced but comprehensive way.

The meeting was attended by senators, Farooq Hamid Naek, Saadia Abbasi, Zeeshan Khanzada, Sherry Rehman, and Syed Faisal Ali Subzwari, alongside the additional secretary of the Finance Division, the director FIA, and other relevant officials.

Copyright Business Recorder, 2024