The National Assembly (NA) Standing Committee on Finance and Revenue on Wednesday underscored the need for strengthened parliamentary oversight as it reviewed key financial legislation and Pakistan’s governance commitments under the IMF programme.
During a meeting, chaired by committee chairman Syed Naveed Qamar, the committee examined major legislative proposals and received a detailed briefing on Pakistan’s governance commitments under the IMF program.
The meeting reflected Parliament’s firm resolve to exercise meaningful oversight on matters of public finance, transparency, and economic governance.
The Committee considered “The Income Tax Ordinance (Third Amendment) Bill, 2025” (Government Bill) and advised the Ministry to revisit the provision and develop two to three viable options that both strengthen impartiality and eliminate undue discretion. Ministry officials agreed to review the process and return with revised proposals. With consensus achieved on the remainder of the Bill, the Committee decided to continue its consideration in the next meeting scheduled for 9 December 2025.
The Committee considered “The Netting of Financial Arrangements Bill, 2025” (Government Bill) and deferred it for the next meeting. The Committee also deferred Briefing by the Chairman, Pakistan Telecommunication Authority (PTA) and Chairman FBR on taxation, valuation, limits, and formalities for overseas Pakistanis bringing new and used/refurbished mobile phones into Pakistan for the next meeting of the Committee.
The Federal Minister for Finance and Revenue briefed the Committee on Pakistan’s commitment to the IMF to publish the “Governance and Corruption Diagnostic (GCD) Assessment Report,” its impact on the next tranche, and the action plan based on the weaknesses identified in the report.
The Minister informed the Committee that the GCD Report published on 19 November 2025, contains 423 paragraphs, 92 recommendations, including 15 priority and 77 guiding recommendations across seven thematic areas.
The Committee conducted a detailed review and highlighted gaps between recommended reforms and existing practices. The Chair drew attention to the recommendation discouraging in-year budget adjustments without parliamentary approval.
The Committee strongly recommended that the government move from an ex-post-facto approach to prior parliamentary approval, or at a minimum, present such adjustments for approval on a quarterly basis, acknowledging that exceptional circumstances, such as wartime exigencies, may necessitate limited flexibility.
On the Report’s emphasis on digitizing the economy, the Committee observed that internet shutdowns could disrupt a fully cashless system and urged the government to proceed cautiously. The Committee stressed the need for a hybrid approach, ensuring continuity of economic activity during digital outages. The finance minister assured the Committee that the government is mindful of this challenge and will maintain close coordination with Parliament as regulatory frameworks evolve.
The Committee considered “The Corporate Social Responsibility Bill, 2025”, moved by Dr Nafisa Shah, MNA and directed the Ministry of Law to incorporate the agreed provisions in the existing Bill and present it before the Committee in the next meeting.