Islamabad (HRNW)-\u00a0The Senate Standing Committee on Finance and Revenue has recommended an initial 30-minute extension in business hours to gradually normalize commercial activities, despite concerns from the Power Division that the move could require an additional 600 MW of electricity and raise fuel costs.<\/p>\n
The meeting, chaired by PPP Senator Talha Mahmood, was told that extending business hours could help increase income and sales tax collections by supporting greater commercial activity. Power Division officials warned that the country currently has only one day\u2019s LNG stock and that importing spot LNG cargoes could increase electricity costs, while operating furnace-oil plants could raise the cost per unit by around Rs 5.<\/p>\n
The committee also reviewed issues related to industrial relocation, FBR governance, dual citizenship and foreign residency of officers, industrial policy, business facilitation, battery energy policy, electric vehicle charging stations, housing and cartelization.<\/p>\n
FBR officials briefed the committee on confidence-building measures with the business community and said that, on the Prime Minister\u2019s instructions, the FBR Chairman will establish a camp office in Karachi during the first week of every month, with plans for a two-day camp office in Lahore.<\/p>\n
The subcommittee also recommended renegotiating the IMF condition regarding the phased elimination of Export Processing Zones and Special Economic Zones by 2035, emphasizing Pakistan\u2019s industrial and investment interests. It further recommended facial recognition technology for taxpayers whose fingerprints could not be verified and directed the FBR and NADRA to resolve the issue.<\/p>\n
The committee stressed that a business-friendly regulatory environment is essential for attracting investment, promoting industrial development and achieving sustainable economic growth.<\/p>\n
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