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Event Title: Companies Amendment Act, 2019 Passed Unanimously

Event Date: 2019-10-10

The Standing Committee on Finance, Revenue and Economic Affairs in its meeting held on Thursday passed the Companies Act, 2019 unanimously with amendment with consent of member Incharge.  Other Bills that included the Maternity and Paternity Bill, 2018, the Constitution Amendment Act, 2019, were deferred due to absence of the movers. 


Chaired by Senator Farooq Hamid Naek, the meeting was attended by Senator Dr. Ghous Muhammad Khan Niazi, Senator Syed Shibli Faraz, Senator Dilawar Khan, Senator Anwar Ul Haq Kakar, Senator Mir Kabir Muhammad Ahmed Shahi and senior officers from the Ministry for Finance, Revenue and Economic Affairs, Ministry of Maritime Affairs, FBR along with all other concerned officers. 


While discussing imposition of custom duty on mobile phones the Committee lauded FBR for the measures taken as it has collected PKR 7 billion in taxes to-date.   The FBR asserted that this will discourage smuggling, since no matter how the device is procured the user would be taxed once a sim is inserted. Foreigners will be exempted for 60 days after which they will have to pay tax.


Starred question asked by Senator Mir Kabir Muhammad Ahmed Shahi regarding number of employees from Balochistan in the Ministry of Finance, Revenue and Economic Affairs was deferred due to the absence of Advisor Finance, Revenue and Economic Affairs. The Committee directed the Ministry that the Advisor must be present in the next meeting to answer queries, since being a policy issue he is the best person that can respond.

The consideration of Public Petition submitted by one Mr. Muhammad Irfan addressed to Chairman Senate regarding simplification of the procedure of filing tax returns was deferred.  The Committee was briefed regarding the Tax Asan Application. It was recommended that the decision on the issue would be taken up in the next meeting and the Committee decision will be communicated to the petitioner. 


Discussing the issue of smuggling of LED TVs referred by the Chairman Senate the matter was deferred due to absence of Chairman FBR.  While taking up the matter of closure of regular container liner KGS service it was decided that the Committee was satisfied with the response provided by the Ministry of Maritime Affairs that the service is in place.