BUDGET 2026-27 : NA panel rejects FBR bid to access bank account data

The National Assembly Standing Committee on Finance and Revenue, chaired by MNA Naveed Qamar, approved higher surcharges for late filing of tax returns as well as the imposition of a special excise duty on imported luxury vehicles. Following extensive deliberations, the committee finalised its recommendations on the matters considered during the meeting and directed the secretariat to incorporate the approved recommendations into the committee’s report on the Finance Bill, 2026, for presentation before the National Assembly. The Senate committee has already finalised its recommendations and transmitted them to the National Assembly. The committee approved proposals to impose a special excise duty on imported luxury vehicles. It supported the proposal that cars with engine capacity between 2,000cc and 3,000cc would attract a 40pc excise duty, while vehicles above 3,000cc would face a 41pc levy. Salaried class The committee approved the proposed tax rates for salaried individuals amid calls for greater relief for the middle-income group. PPP lawmaker Sharmila Faruqui said the 11pc tax on monthly salaries between Rs100,000 and Rs200,000 was excessive. “This is the middle class, and the rate should be reduced,” she said, while welcoming the government’s overall move