ISLAMABAD: The Senate Standing Committee on Finance and Revenue on Wednesday passed key amendment bills after deliberating on legislative proposals and reviewing the country’s overall economic situation.
The meeting was chaired by Senator Saleem Mandviwala and attended by Senator Anusha Rahman Ahmad Khan, Senator Muhammad Talha Mahmood and Senator Shahzaib Durrani, while Senator Danesh Kumar, Senator Hidayatullah Khan and Senator Zamir Hussain Ghumro participated as movers of agenda items.
The committee took up “The Federal Board of Revenue (Amendment) Bill, 2026” and stressed the need to appoint a chairman of the Federal Board of Revenue (FBR) with relevant expertise and professional competence.
Members were informed that under the proposed amendment, the FBR Policy Board would be shifted to the Finance Division, while the FBR would function strictly within its taxation mandate. Concerns were raised over cases of assets beyond means involving FBR officers, prompting the chairman to constitute a sub-committee to examine related matters. After detailed deliberations, the bill was passed with necessary considerations.
The committee also reviewed the government’s plan to reduce civil expenditures. It was informed that a comprehensive rightsizing exercise is underway to curb excessive spending. The Federal Minister for Finance and Revenue assured members that the upcoming budget would reflect the outcomes of these efforts, after which the matter was disposed of.
Deliberations were also held on the private member’s bill titled “The Securities and Exchange Commission of Pakistan (Amendment) Bill, 2026,” introduced by Senator Anusha Rahman Ahmad Khan. The mover highlighted governance and accountability concerns within the Securities and Exchange Commission of Pakistan (SECP), including the retrospective increase in salaries and emoluments of commissioners and the board’s composition, which currently has a majority from the private sector.
It was noted that a related misappropriation matter is under discussion in the Public Accounts Committee (PAC). The finance minister opposed certain proposed amendments. The committee was informed of proposals to deposit SECP revenues into the Federal Consolidated Fund and to include one member each from the Senate and National Assembly on the SECP board to enhance parliamentary oversight. Following discussion, the bill was passed with amendments.
The committee also considered and passed “The Securities and Exchange Commission of Pakistan (Amendment) Bill, 2025” with amendments.
Members received a comprehensive briefing on the overall economic situation. The committee was apprised of qualitative measures undertaken by the State Bank of Pakistan (SBP), which have helped stabilise foreign exchange reserves and manage public debt.
The petroleum products situation was also reviewed amid ongoing regional tensions, with assurances that daily monitoring is being conducted and the situation remains under control. The finance minister informed members that energy conservation measures are under consideration. The chairman expressed concern over declining exports and urged the government to explore untapped markets to boost export growth.
The committee disposed of the matter regarding FBR’s SMS communications to taxpayers after the mover expressed satisfaction.
While taking up Starred Question No. 128, members highlighted concerns over non-implementation of the provincial quota and incomplete information regarding emoluments of heads of state-owned entities and regulators. The chairman directed the Ministry of Finance to provide a comprehensive written response at the next meeting.
The committee also received a briefing on the Women Inclusive Finance initiative. Members were informed that the allocated amount had been fully disbursed to enhance women’s access to credit and promote entrepreneurship.
However, the chairman noted reports of women facing difficulties in accessing credit facilities and directed authorities to submit bank-wise and province-wise data. Emphasising the importance of women’s financial inclusion, he directed that the matter be placed as a separate agenda item and instructed the Finance Division to submit details of all women-focused financial schemes at the next meeting.
The session concluded with directions for follow-up actions on the discussed matters.
