ISLAMABAD: Federal Board of Revenue Chairman has delivered a detailed presentation to Finance Minister Ishaq Dar on the plan for phasing out the Statutory Regulatory Orders (SROs) in three years timeframe.
Chairman Bajwa informed that the plan encompasses principles to remove contradictions and distortions. He said that after consultations with the stakeholders the recommendations have been prepared for the committee to consider and take appropriate decision.
“There is a general consensus that local manufacturing and exports should be encouraged and we should save money where possible on imports,” said Bajwa.
During the meeting Finance Minister Ishaq Dar said that the Prime Minister’s decision to constitute a committee comprising representatives of relevant ministries as well as stakeholders including business persons was aimed at taking all stakeholders on board so that the decisions could be made with collective wisdom.
He said that the committee in its eight meetings held in last three months has reviewed the SROs with an independent and open minded approach and conducted an exercise in keeping with the national interests.
In this connection Dar said the committee and the FBR have worked hard to rationalise and streamline SROs and he has been himself convening several meetings.
The purpose of carrying out this exercise is to remove distortions and disparities created due to the issuance of arbitrary SROs, he added.
Dar said the government would provide protection where required and would not impose any burden where it was not sustainable or impacts the common man. SROs aiming at providing relief to charitable institutions will be given protection. He informed the whole process would take few years to be completed.
Textile Minister, Adviser to Finance Ministry Rana Assad Amin, Secretary Finance Dr Waqar Masood, Commerce Secretary, senior officials of FBR and Commerce Ministry, representatives of Federation of Pakistan Chambers of Commerce and Industry, Karachi Chamber of Commerce and Industry, Lahore Chamber of Commerce and Industry, Khyber Pakhtunkhwa Chamber of Commerce and Industry, Secretary Board of Investment and senior officials of the federal government attended the meeting.
