The federal cabinet has approved three important draft bills – the State Bank of Pakistan (SBP) Amendment Bill 2021, the State-Owned Enterprises (SOEs) Bill and the Income Tax Amendment Bill, 2021 for withdrawal of corporate income tax exemptions. Finance Minister, Abdul Hafeez Sheikh explained that there would be a five-year “protected” term of the SBP governor in the proposed new law and the govt. would not borrow in terms of loans and guarantees from the SBP. Monetary and Fiscal Policy Board would not exist after the passage of the bill from the parliament and the SBP governor and any other official would be accountable before the parliament. He said the draft SOEs bill would take the administrative control of SOEs from the concerned ministries that would be given to the federal govt. The federal govt. would run the SOEs and SOEs’ Chief Executive Officers (CEOs) would be appointed by their Boards of Directors under the proposed bill, he added.
10/3/2021