The second meeting of the committee constituted by Prime Minister Nawaz Sharif to review the concessionary regime (SROs) was held at the FBR on Monday. Finance Minister Senator Ishaq Dar chaired the meeting.
The FBR chairman informed the committee that the sub-committee held its various meetings with the stakeholders to firm up recommendations to be considered by the committee. He gave a detailed presentation on the deliberations of the sub-committee in the light of principles formulated by the committee.
On the occasion, Finance Minister Ishaq Dar said in order to promote local industry they needed to focus on its development and promotion. He said the role of the Engineering Development Board (EDB) was very important. It has to strengthen the engineering sector and integrate it with the world market to make it driving force for economic growth. He directed EDB officials to work with the FBR team for firming up final recommendations in regard to machinery and related items.
The finance minister assured the representatives of the Chambers of Commerce and Industry that the interests of the domestic industry would be protected for the purposes of employment generation and to keep it competitive. The minister directed the FBR chairman to separately meet with the representative of the Chambers of Commerce and Industry for incorporating their recommendations.
Ishaq Dar further said the government would provide protection where required and would not impose any burden where it would not be sustainable. He said the prime minister’s decision to constitute this committee and include in it representatives of relevant ministries as well as stakeholders including business persons was aimed at taking all on board so that the decisions pertaining to removal of distortions and disparities in the SROs were made with collective wisdom. In this connection, the finance minister said the Federal Board of Revenue (FBR) has been working hard to rationalise and streamline SROs and he himself held several meetings in this regard.
