Finance bill to come into effect after president's approval not July 1: Senate committee

ISLAMABAD: Senate Standing Committee on Finance Revenue and Economic Affairs has decided that the Finance Supplementary Bill 2018 should come into effect from the day it is signed by president and not from July 1, 2018.

The Senate committee discussed at length whether the Finance Supplementary Bill 2018 will 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.

After thorough debate and insight from the members, Federal Board of Revenue (FBR) and the minister, the committee 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 today after Minister of State can consult the matter with Federal Minister for Finance Revenue and Economic Affairs Asad Umar and come up with a proposal.

The meeting was chaired by Senator Farooq Hamid Naik here at the Parliament House on Wednesday 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.