The committee is reviewing proposed amendments to major laws, including the Customs Act, the Sales Tax Act, and the Income Tax Ordinance.
ISLAMABAD:
The Senate Standing Committee on Finance on Wednesday finalized its review of the Finance Bill 2026-27 and approved a comprehensive set of recommendations that will be presented to the upper house for further deliberation.
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 in five consecutive sessions.
The discussions were held in the presence of 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 the business and economic sectors.
During the review, the committee considered proposed amendments to major tax laws, including the Customs Act of 1969, the Sales Tax Act of 1990 and the Income Tax Ordinance of 2001. Members also considered broader proposals related to financial, industrial, trade and economic reforms.
The deliberations focused on several priority areas, including digitalization of the tax system, customs reforms, expansion of the tax net, promotion of exports, encouragement of investments, industrial development, improvement of revenue collection and better documentation of the economy.
Committee members stressed the importance of policy continuity, transparency, predictability and broader stakeholder consultation, noting that these principles were essential to strengthen economic stability and restore investor confidence.
