The Standing Committee on Finance and Revenue convened its 17th session at the Parliament House in Islamabad to discuss a range of critical legislative and economic issues, including updates on Pakistan’s monetary policy, inflation trends, and ongoing tax reforms. Chaired by Syed Naveed Qamar, the meeting focused on both pending legislative business and the broader economic outlook, with an emphasis on fostering sustainable growth and addressing challenges facing underdeveloped regions.<\/p>\n
During the proceedings, the Committee reviewed \u201cThe Corporate Social Responsibility Bill, 2025,\u201d presented by Dr. Nafisa Shah. The Finance Secretary and Chairman of the Securities and Exchange Commission of Pakistan (SECP) were asked to submit detailed proposals to inform future discussions. However, after thorough debate, the Committee agreed to postpone a decision on the bill until the next session, seeking additional input.<\/p>\n
A representative from the State Bank of Pakistan (SBP) briefed the Committee on the current monetary policy and inflation. According to the SBP, careful monetary management has brought notable macroeconomic stability, with inflation dropping sharply and expected to remain within the 5\u20137 percent target range. The SBP reported gradual and sustainable economic growth, with improvements in foreign exchange reserves and a sharp reduction in the current account deficit. Despite these positive developments, officials highlighted the need to further strengthen foreign exchange buffers.<\/p>\n
Tax reforms in the former FATA and PATA regions, merged into Khyber Pakhtunkhwa, were also a key agenda item. The Committee examined the impact of new sales tax measures implemented in these areas for the fiscal year 2025-26 and discussed challenges related to tax rates and the suitability of different models of consumption taxation. Syed Naveed Qamar underscored the importance of basing tax policies on solid data, especially regarding their effects on employment and industrial development, rather than focusing solely on profitability. He and other members expressed concerns about inefficiencies in current policies and the lack of tangible outcomes related to job creation or economic progress.<\/p>\n
Committee members voiced frustration over unfulfilled budget promises, particularly regarding tax exemptions in less developed areas, and discussed the risk of tax benefit misuse without more robust regulatory mechanisms. There were calls to adopt measures that could more effectively encourage industrial growth and job creation in deprived regions. It was decided that these deliberations would continue at the next meeting in hopes of reaching more concrete solutions.<\/p>\n
The Committee also expressed dissatisfaction over the absence of the Secretary of the Ministry of Industries and Production, whose input was considered vital for meaningful discussion, particularly regarding the new Electric Vehicle Policy. As a result, consideration of this policy was deferred until the Secretary could be present.<\/p>\n
The minutes of the previous meeting were unanimously approved. Attendees included several Members of the National Assembly (MNAs), as well as representatives from the Finance and Revenue Divisions, the Minister of State for Finance, the Chairman FBR, and the Chairman SECP. The meeting highlighted the Committee\u2019s commitment to transparent and evidence-based policy-making as Pakistan navigates ongoing economic challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"
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