The Committee examines proposed amendments to key statutes, including the Customs Law, the Sales Tax Law and the Income Tax Ordinance.
ISLAMABAD:
The Senate Standing Committee on Finance on Wednesday finalized its review of Finance Bill 2026-27 and approved a full set of recommendations that will be presented to the upper house for further deliberation.
The meeting was held in Parliament under the chairmanship of Senator Saleem Mandviwalla, where the members carried out a detailed examination of the bill, clause by clause, for five consecutive sessions.
The proceedings were attended by Finance Minister Muhammad Aurangzeb, Minister of State for Finance Bilal Azhar Kayani, members of the committee, 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 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 broader proposals relating to financial, industrial, trade and economic reforms.
The deliberations focused on several priority areas, including digitization of the tax system, customs reforms, expansion of the tax network, promotion of exports, encouraging investment, industrial development, improving revenue collection and better documentation of the economy.
Committee members underlined 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.
