The Standing Committee on Finance and Revenue convened in Islamabad to review and recommend amendments to key financial legislation, including the Islamabad Capital Territory (Tax on Services) Ordinance, the Digital Presence Proceeds Tax Act, 2025, and the Income Tax Ordinance, 2001. The meeting, chaired by Mr. Naveed Qamar, involved detailed discussions on proposed legislative changes aimed at enhancing the taxation framework and ensuring effective reforms in fiscal policies.
During the session, the committee first examined proposed amendments to the Islamabad Capital Territory (Tax on Services) Ordinance, 2001. After thorough deliberation, members recommended that these amendments be passed by the National Assembly, emphasizing their importance for streamlining service sector taxation within the capital territory. Similarly, the committee reviewed the Digital Presence Proceeds Tax Act, 2025, and after careful consideration, recommended that the Bill be passed with minor amendments, signifying support for new measures targeting digital economy taxation.
The discussion then shifted to proposed modifications to the Income Tax Ordinance, 2001. The committee approved the proposed amendments but also suggested additional corrections and revisions to certain clauses to strengthen the legislation further. Notable members, including Members of National Assembly Omer Ayub Khan, Zeb Jaffar, Muhammad Usman Awaisi, and others, participated in the deliberations alongside key government officials such as the Minister of Finance and Revenue, the Minister of State, the Secretary of Finance, and the Chairman of the Federal Board of Revenue (FBR).
The meeting concluded with the committee endorsing the legislative proposals and recommending their passage in the upcoming assembly sessions, marking a step forward in the country’s fiscal reforms.
