The Senate Standing Committee on Finance and Revenue convened on Wednesday to review the progress on its budget recommendations for 202526, raising concerns over alleged harassment of senators by tax authorities. Senator Afnan Ullah Khan reported receiving a notice from the Federal Board of Revenue (FBR) demanding income tax on an uncompleted IT project registered under his name, citing COVIDrelated delays. FBR Chairman Rashid Mahmood Langrial pledged a swift investigation into the issue.

The committee, led by Senator Saleem Mandviwalla, also scrutinized the Pakistan Remittances Initiative (PRI), noting a disproportionate increase in payouts compared to remittances. Mandviwalla emphasized the urgent need for policy revisions.

Discussions on barter trade with Iran revealed that the Commerce Ministry has begun exchanges based on mutual agreements, awaiting final approval from the FBR and State Bank of Pakistan. Allegations of illicit monetary distributions within the FBR were also addressed. Langrial outlined a new “Digital Performance Management Regime” involving anonymous peer reviews to evaluate and reward employee performance.

The delayed implementation of local currency settlements was another key topic. Mandviwalla criticized commercial banks for issuing VISA and MasterCard without offering PayPak, advocating for all domestic debit cards to be linked with the local payment system. The committee advised banks to provide a PayPak option on debit card application forms.

Senators Mohsin Aziz, Muhammad Abdul Qadir, Sherry Rehman, and Special Secretary for Finance and Revenue Nasheeta Mohsin were among the attendees, along with other senior officials.