September 27, 2018: Senate Standing Committee on Finance Revenue and Economic has decided that the Finance Supplementary (Amendment) Bill, 2018 will come into effect from the day it is signed by the President, Dr. Arif Alvi.
The Committee in its meeting discussed at length whether the Finance Amendment Bill should come into force from the day it is signed by the President or will be retrospective in nature and apply to the whole financial year.
The meeting was chaired by Senator Farooq Hamid Naek here at the Parliament House on Monday and was attended among others by Senators Mohsin Aziz, Khanzada Khan, Haroon Akhtar Khan, Musadik Malik, Muhammad Ateeq Sheikh and Talha Mehmood, Minister of State for Revenue Hammad Azhar, Chairman Federal Board of Revenue and officers from FBR.
The Committee after thorough debate and insight from the members, FBR and the minister took the decision to a vote among members and decided with a vote of 3-2 that the finance amendment bill should come into effect from the day it is signed by the President and not from July 1, 2018.
The Committee deferred the decision on the removal of bar of purchase of property for non-filers till the next meeting to be held on Thursday after Minister of State can consult the matter with Federal Minister for Finance Revenue and Economic Affairs and come up with a proposal.