Senate panel finalises Finance Bill review

ISLAMABAD:

The Senate Standing Committee on Finance on Wednesday finalised its review of the Finance Bill 2026-27 and approved a comprehensive set of recommendations that will be presented before the upper house for further deliberation.

The meeting was held at the Parliament House under the chairmanship of Senator Saleem Mandviwalla, where members carried out a detailed clause-by-clause examination of the bill over five consecutive sittings.

The proceedings were attended by Finance Minister Muhammad Aurangzeb, Minister of State for Finance Bilal Azhar Kayani, committee members, senior officials of the Federal Board of Revenue (FBR), representatives of relevant ministries, and stakeholders from business and economic sectors.

During the review, the committee examined proposed amendments to key fiscal statutes, including the Customs Act 1969, the Sales Tax Act 1990, and the Income Tax Ordinance 2001. Members also considered wider proposals relating to financial, industrial, trade and economic reforms.

Deliberations focused on several priority areas, including the digitalisation of the tax system, customs reforms, expansion of the tax net, promotion of exports, encouragement of investment, industrial development, improvement in revenue collection, and enhanced documentation of the economy.

Committee members underscored the importance of policy continuity, transparency, predictability and broader stakeholder consultation, noting that such principles were essential for strengthening economic stability and restoring investor confidence.