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Islamabad: The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwala, convened to review critical legislative proposals, fiscal measures, and the overall economic situation of Pakistan. The meeting was attended by Senators Anusha Rahman Ahmad Khan, Muhammad Talha Mahmood, and Shahzaib Durrani, with Senators Danesh Kumar, Hidayatullah Khan, and Zamir Hussain Ghumro participating as movers of agenda items.
The Committee conducted a detailed review of “The Federal Board of Revenue (Amendment) Bill, 2026”, emphasizing the need to appoint a Chairman FBR with proven expertise and professional competence. Under the proposed amendment, the FBR Policy Board would be moved to the Finance Division, while FBR operations would focus solely on taxation. Concerns regarding cases of assets beyond means involving FBR officers were raised, prompting the Chairman to form a sub-committee to examine related matters. The bill was passed with considered amendments.
The Committee also examined government plans to reduce civil expenditures through a comprehensive rightsizing exercise. The Federal Minister for Finance and Revenue assured that the upcoming budget would reflect these measures, and the matter was subsequently concluded.
Deliberations were held on the private member’s “Securities and Exchange Commission of Pakistan (Amendment) Bill, 2026”, moved by Senator Anusha Rahman Ahmad Khan. The bill addresses governance and accountability concerns within SECP, including retrospective salary increases for commissioners and the Board’s composition, which currently favors the private sector. The bill proposes depositing SECP revenues into the Federal Consolidated Fund and including one parliamentary representative from both the Senate and National Assembly on the SECP Board to enhance oversight. After detailed discussion, the bill was passed with amendments. Similarly, “The Securities and Exchange Commission of Pakistan (Amendment) Bill, 2025” was also approved with amendments.
A comprehensive briefing on the national economy highlighted qualitative measures by the State Bank of Pakistan (SBP) that have helped stabilize foreign exchange reserves and manage public debt. The Committee was updated on petroleum product availability amid regional tensions, with assurances of continuous monitoring and energy conservation measures under consideration. The Chairman expressed concern over declining exports and urged the government to explore untapped markets to boost trade growth.
The Committee addressed FBR’s SMS communications to taxpayers, raised concerns about non-implementation of provincial quotas, and requested complete details of emoluments for heads of state-owned entities and regulators. The Ministry of Finance was directed to provide a detailed written report in the next session.
On women’s financial inclusion, the Committee was briefed that allocated funds have been fully disbursed to improve women’s access to credit and promote entrepreneurship. The Chairman noted challenges faced by women in accessing these facilities and instructed authorities to submit bank-wise and province-wise data. He further directed the Finance Division to present a comprehensive report on all women-focused financial schemes in the next meeting.
The session concluded with the Committee issuing follow-up directives on all discussed matters.
