Senate body reviews 'Finance Supplementary (Amendment) Bill, 2018'

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Senate body reviews 'Finance Supplementary (Amendment) Bill, 2018'

ISLAMABAD: The Senate's Standing Committee on Finance, Revenue and Economic Affairs Wednesday discussed at length whether the Finance Supplementary (Amendment) Bill, 2018 would come into force from the day it was signed by the President or would be retrospective in nature and apply to the whole financial year.

The committee meeting, chaired by Farooq Hamid Naek here at the Parliament House, was was attended by senators Mohsin Aziz, Khanzada Khan, Haroon Akhtar Khan, Musadik Malik, Muhammad Ateeq Sheikh and Talha Mehmood, besides Minister of State for Revenue Hammad Azhar, Federal Board of Revenue (FBR) Chairman Dr Muhammad Jahanzeb Khan and officials.

The committee after a thorough debate and insight from the members, FBR and the minister, decided with a vote of 3-2 members that the amended bill should come into effect from the day it was signed by the President and not from July 1, 2018.

It deferred the decision on the removal of bar on the purchase of property for non-filers till its meeting to be held on Thursday so that Minister of State Muhammad Hammad Azhar could consult with Federal Minister for Finance, Revenue and Economic Affairs and come up with a proposal.

APP