After a detailed discussion with a high level business delegation of Karachi Chamber of Commerce and Industry (KCCI), Federal Board of Revenue (FBR) has restored SRO-283. It has also been decided that fate of SRO-1012 will be decided with further consultation. An emergency meeting was held with Salman Siddique, Chairman FBR, regarding havoc created by SRO-1012 with changes in zero-rated tax regime for five export sectors. Delegation of KCCI was led by Siraj Kassam Teli, Chairman, Businessmen Group (BMG) and former President KCCI. After intense negotiation with FBR Chairman by Siraj Teli, Haroon Farooki, Vice Chairman BMG group and former President KCCI, the successful negotiation restored SRO 283. And fate of SRO 1012 will be decided after consultation with KCCI committee and FBR on mutual consent. Notification for restoration of SRO 283 is being issued by FBR. Drastic and unilateral changes had adverse affects on trade causing huge loss to economy and national exchequer since many containers were held at port due to manipulation of the said SRO by relevant collectorate officers. Business community welcomed the move and praised efforts of Siraj Kassam Teli, Haroon Farooki and other KCCI leadership who made efforts to get resolved this hard issue amicably.
