Committee examines proposed changes to key statutes, including the Customs Act, the Sales Tax Act, the Income Tax Ordinance
ISLAMABAD:
The Senate Standing Committee on Finance on Wednesday completed its review of the 2026-27 Finance Bill and approved a comprehensive set of recommendations that will be presented to the Upper House for further discussion.
The meeting was held at Parliament House under the chairmanship of Senator Saleem Mandviwalla, where members conducted a detailed clause-by-clause examination of the bill over five consecutive sittings.
The proceedings were attended by Finance Minister Muhammad Aurangzeb, Finance Minister Bilal Azhar Kayani, committee members, senior officials of the Federal Board of Revenue (FBR), representatives of relevant ministries and stakeholders from business and the financial sector.
During the review, the committee examined proposed amendments to key tax laws, 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.
The discussions focused on several priority areas, including digitization of the tax system, customs reforms, expansion of the tax net, promotion of exports, encouragement of investment, industrial development, improvement of revenue collection and improved documentation of the economy.
Committee members emphasized the importance of policy continuity, transparency, predictability and broader stakeholder consultation, noting that such principles were essential to strengthening economic stability and restoring investor confidence.
