National Assembly Standing Committee on Finance and Revenue held

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Islamabad, May 04, 2021 (PPI-OT): 56th meeting of the National Assembly Standing Committee on Finance and Revenue was held today at 02:00 p.m., in Committee Room No.7, Parliament House, Islamabad, under the chairmanship of Mr. Faiz Ullah, MNA. Mr. Faiz Ullah, Chairman of the Committee welcomed the new Minister for Finance and Revenue on behalf of the Committee. Mr. Shoukat Tareen, Hon. Minister apprised the vision and road map of the economy in line with the IMF Program and commitments made by the Government of Pakistan. He was of the opinion that necessary measures will be taken for the broadening of tax net instead of burdening the taxpayers.

The Hon. Minister emphasized the importance of housing industry, proper distribution of funds to all cities and to revamp the financial sector. He said that Public Sector Development Program (PSDP) funds need to be enhanced for revival of financial activities in the country. He expressed the significance of Foreign Direct Investments (FDIs) and magnitude of Agriculture Sector for the growth rate. The Hon.

Chairman also invited the attention of the Minister about the lowest percentage of share to SME Sector and lack of interest by the Government regarding revival of sick industrial units. The Hon. Minister directed the Secretary Finance Division to furnish the recommendations of Economic Advisory Council (EAC) to this Committee for its consideration and suggestions thereon by the Standing Committee. While talking about the budgetary proposals received to this Committee, it was decided that these proposals should be sent to concerned quarters for incorporating the same in upcoming budget.

The Committee discussed “The Financial Institutions (Secured Transactions) (Amendment) Bill, 2020 (Ord. IV of 2020) (Government Bill)”. The Chairman Security Exchange Commission of Pakistan (SECP) briefed the Committee about the salient features of the Bill. He said that the functions of the Secured Transactions Registry for unincorporated entities, established under the Act were outsourced to the Securities and Exchange Commission of Pakistan (SECP) in March 2019 as it was already maintaining a similar registry for companies.

The SECP has made the registry operational w.e.f 30th April, for smooth functioning of the registry and to avoid any unnecessary administrative issues. He added that it was imperative for the administrative powers of the Federal Government under the Act may be assigned to the SECP. He further informed that subject Bill was in line with Government’s objective to promote access to finance for small businesses and improve global rankings in order to create positive image of the country internationally. However, during clause by clause discussion, the Committee unanimously decided that said amendments required proper intentions; therefore, the remaining consideration in this regard may be deferred till the next meeting of the Committee. The Committee deferred the remaining agenda due to paucity of time.

The meeting was attended by Mr. Amjid Ali Khan, Makhdoom Syed Sami-ul-Hassan Gillani, Mr. Jamil Ahmed Khan, Mr. Faheem Khan, Dr. Ramesh Kumar Vankwani, Mr. Muhammad Israr Tareen, Mr. Ahsan Iqbal Chaudhary, Chaudary Khalid Javed, Mr. Ali Pervaiz, Dr. Aisha Ghous Pasha, Ms. Nafisa Shah and Syed Naveed Qamar, MNAs. The meeting was also attended by the senior officers from M/o Finance and Revenue, M/o Law and Justice and Security Exchange Commission of Pakistan (SECP).

For more information, contact:
National Assembly of Pakistan
Automation Centre,
National Assembly Secretariat,
Parliament House,
Islamabad – Pakistan
Tel: +92-51-9221082-83
Fax: +92-51-9221106

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