Senate Finance Committee deliberates on tax administration issues and Virtual Assets Bill
ISLAMABAD ( WEB NEWS )
The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, met on Wednesday to deliberate on key matters relating to tax administration and financial legislation.
The Committee examined the non-implementation of the Presidential Order of 16 July 2025. Members were apprised that the issue pertains to the classification of goods and the jurisdiction of the Federal Tax Ombudsman (FTO). The Committee was of the view that the basic purpose of the Ombudsman’s office and the Presidential Order is to provide a final appellate mechanism, and that challenging its decisions would undermine this intended function. It was agreed that a legal opinion from the Attorney General would be placed before the Committee to assist in resolving the matter.
The Committee also discussed the issue raised by Senator Dr. Afnan Ullah Khan regarding allegations of harassment of Senators by the FBR. The Chairman advised Senator Dr. Afnan Ullah Khan to await the outcome of the appeal pending before the relevant forum. The Committee emphasized that impartiality must be maintained in tax administration and that state institutions should not be perceived as instruments of political victimization.
The Committee was further briefed on the Virtual Assets Bill, 2025. It was highlighted that the Bill seeks to establish a regulatory framework for virtual assets in line with international practices, providing safeguards against misuse while supporting innovation and economic participation, particularly among the youth. Members underlined the importance of aligning the framework with Pakistan’s national priorities and raised queries regarding consumer protection, regulatory overlaps, obligations of licensees, and the relationship of the Bill with existing legislation. The Committee observed that certain clauses required further refinement and decided that deliberations on the Bill would continue in the coming meeting.
The meeting was attended by Senators Abdul Qadir, Dr. Afnan Ullah Khan, Sherry Rehman, Fesal Vawda, Dilawar Khan, Farooq Hamid Naek, Ahmed Khan, Minister for Finance and Revenue, Attorney General of Pakistan, Federal Secretary, Ministry of Law and Justice, and senior officials of relevant departments.