Senate Standing Committee on Finance, Revenue and Economic Affairs in its meeting has reprimanded the Finance and Revenue Divisions for delay in submission of details of Public Sector Development Projects (PSDP) for consideration of the Committee and its recommendations as required under Senate rules. The details of PSDP were to be submitted by January 15 at the latest. The Committee members decided that recommendations on the projects will be shared after studying the available information within the next fifteen days.
The meeting was held under the Chairmanship of Senator Farooq Hamid Naek here at the Parliament House on Wednesday and was attended among others by Senators Mian Ateeq Sheikh, Mohsin Aziz, Dilawar Khan, Dr. Ghous Niazi, Mushahidullah Khan and officials from State Bank of Pakistan, Securities and Exchange Commission of Pakistan, Institute of Chartered Accountants in Pakistan, Federal Board of Revenue and Finance Division. The Committee was given compliance of two of its earlier directives regarding problems faced by advocates and politicians in opening their accounts in banks or any other financial institutions. In this regard the Standard Operating Procedures were shared with the Committee and was told that the focal persons have also been appointed.
The Committee also discussed at length the matter of paying dividends of stock exchange and rebate in withholding tax. The Committee was told by SECP that the companies act does not ask for forced dividends and most parts of the world do not have the practice of the same. The Committee recommended that Finance Division, ministry of law and justice and SECP should sit together and work on an amendment if required.