Islamabad \u2013 The National Assembly Standing Committee on Finance and Revenue, chaired by Syed Naveed Qamar, voiced strong concerns over increased taxation on profit and cash withdrawals, calling on the Federal Board of Revenue (FBR) to minimize the tax burden on small depositors and raise the cash withdrawal tax-free limit to Rs. 75,000. The Committee firmly opposed the gradual withdrawal of tax exemptions for FATA\/PATA, with the Chairman labeling it as an “economic assassination” of small-scale businesses in the region and urging the FBR to reconsider. During the meeting, the Hon. Minister of State for Finance and Revenue and FBR Chairman presented a comprehensive overview of the Finance Bill proposals, highlighting Pakistan\u2019s significant PKR 7.1 trillion tax gap and outlining a transformation roadmap to be implemented by December 2025. This includes initiatives such as digital invoicing, faceless assessments, and cargo tracking systems. However, committee members raised serious issues with these digital enforcement mechanisms, citing delays, high costs, and system errors\u2014particularly in Karachi\u2014while warning that enforcement stations could cause logistical choke points. The Committee also criticized the inefficiency of the mortgage and housing loan tax credit process and directed the FBR to simplify it with clearly defined thresholds. Concerns were raised over the misuse of digital systems in identifying scrap versus usable material, and the impact of these errors on legitimate trade. The FBR assured that a Delivery Unit had been established to implement reforms and monitor results. The meeting, held at Parliament House, included senior government officials and Members of the National Assembly, both in person and virtually, reflecting bipartisan urgency to address both policy reform and regional equity in taxation.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad \u2013 The National Assembly Standing Committee on Finance and Revenue, chaired by Syed Naveed Qamar, voiced strong concerns over increased taxation on profit and cash withdrawals, calling on the Federal Board of Revenue (FBR) to minimize the tax burden on small depositors and raise the cash withdrawal tax-free limit to Rs. 75,000. The Committee …<\/p>\n","protected":false},"author":6,"featured_media":2879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[],"class_list":["post-2878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan"],"_links":{"self":[{"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/posts\/2878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/comments?post=2878"}],"version-history":[{"count":1,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/posts\/2878\/revisions"}],"predecessor-version":[{"id":2880,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/posts\/2878\/revisions\/2880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/media\/2879"}],"wp:attachment":[{"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/media?parent=2878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/categories?post=2878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/tags?post=2878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}