Senate panel completes review of Finance Bill

ISLAMABAD: The Senate Standing Committee on Finance on Wednesday wrapped up its review of the Finance Bill 2026-27, approving a broad set of recommendations to be placed before the upper house for further consideration.

The committee met at Parliament House under the chairmanship of Senator Saleem Mandviwalla and carried out a clause-by-clause examination of the bill over five consecutive sittings. The proceedings were attended by Finance Minister Muhammad Aurangzeb, State Minister for Finance Bilal Azhar Kayani, committee members, senior Federal Board of Revenue officials, representatives of relevant ministries and stakeholders from the business and economic sectors.

During its review, the panel scrutinised proposed amendments to major fiscal laws, including the Customs Act, 1969, the Sales Tax Act, 1990, and the Income Tax Ordinance, 2001. Members also took up wider proposals linked to financial, industrial, trade and economic reforms.

Focus areas of the review

The committee’s deliberations centered on several priority areas, including digitalisation of the tax system, customs-related reforms, expansion of the tax base, export promotion, investment facilitation, industrial growth, stronger revenue collection and improved documentation of the economy.

Committee members also stressed the need for continuity in policy, along with transparency, predictability and wider consultation with stakeholders. They said these principles were important for reinforcing economic stability and helping rebuild investor confidence.

The recommendations finalised by the committee will now be presented before the Senate for further deliberation as the upper house continues its examination of the Finance Bill 2026-27.