Islamabad : March 2026 : The Senate Standing Committee on Finance and Revenue met under the Chairmanship of Senator Saleem Mandviwala to deliberate on key legislative proposals, critical fiscal matters, and to review the overall economic situation of the country. The meeting was attended by Senator Anusha Rahman Ahmad Khan, Senator Muhammad Talha Mahmood, and Senator Shahzaib Durrani, while Senator Danesh Kumar, Senator Hidayatullah Khan, and Senator Zamir Hussain Ghumro participated as movers of agenda items.
The Committee considered “The Federal Board of Revenue (Amendment) Bill, 2026” in detail. Members emphasized the need for appointing a Chairman FBR with relevant expertise and professional competence. The Committee was informed that, under the proposed amendment, the FBR Policy Board would be shifted to the Finance Division, while FBR would function strictly within its taxation mandate. Concerns were also raised regarding cases of assets beyond means involving FBR officers. The Chairman constituted a sub-committee to examine the matters related to FBR. After detailed deliberations, the Committee passed the bill with necessary considerations.
The Committee also reviewed the Government’s plan for reducing civil expenditures. It was apprised that a comprehensive rightsizing exercise is underway to curtail excessive spending. The Federal Minister for Finance and Revenue assured that the upcoming budget would reflect the outcomes of these efforts. The matter was subsequently disposed off.
Deliberations were held on the private member’s bill titled “The Securities and Exchange Commission of Pakistan (Amendment) Bill, 2026,” introduced by Senator Anusha Rahman Ahmad Khan. The mover highlighted concerns regarding governance and accountability within SECP, including the retrospective increase of Salaries and emoluments of the commissioners and the composition of the Board, which presently has a majority from the private sector. It was noted that related misappropriation matter is also under discussion in the Public Accounts Committee (PAC).
The Minister of Finance and Revenue opposed certain proposed amendments. The Committee was further informed by the mover of the bill about the proposal to deposit SECP revenues into the Federal Consolidated Fund and the suggestion to include one member each from the Senate and National Assembly on the SECP Board to enhance parliamentary oversight and accountability. Following detailed discussion, the bill was passed with amendments.
The Committee also considered “The Securities and Exchange Commission of Pakistan (Amendment) Bill, 2025.” which was also passed with amendments.
A comprehensive briefing was given on the overall economic situation. The Committee was apprised of qualitative measures undertaken by the State Bank of Pakistan (SBP), which have contributed to stabilizing foreign exchange reserves and managing public debt. Members were also briefed on the petroleum products situation amid ongoing regional tensions, with assurances that daily monitoring is being conducted and the situation remains under control. The Federal Minister informed the Committee that energy conservation measures are also under consideration. The Chairman expressed concern over declining exports and urged the Government to explore untapped markets to enhance export growth.
The Committee disposed of the matter concerning FBR’s SMS communications to taxpayers following the mover’s satisfaction. While taking up Starred Question No. 128, the Committee highlighted concerns regarding non-implementation of the provincial quota and incomplete information regarding emoluments of heads of state-owned entities and regulators. The Chairman directed the Ministry of Finance to provide a comprehensive written response in the next meeting.
The Committee also received a briefing on the “Women Inclusive Finance” initiative. It was informed that allocated amount has fully been disbursed to enhance women’s access to credit and promote women entrepreneurship. The Chairman, however, noted reports of women facing difficulties in accessing credit facilities and directed the authorities to submit bank-wise and province-wise data. Emphasizing the importance of women’s access to finance, the chairman committee directed to take the matter as a separate agenda item and directed Finance Division to submit details of all women-focused financial schemes in the next meeting.
The meeting concluded with directions for follow-up actions on the discussed matters.