ISLAMABAD: Federal Finance Minister Ishaq Dar chaired a high level meeting on regularisation of concessionary regime in the spheres of customs, sales tax and income tax.
The meeting among others was attended by Chairman BOI, Miftah Ismail, Advisor Finance Division, Rana Assad Amin, Chairman FBR, Tariq Bajwa, senior officials of other Ministries and FBR, Mian Mohammad Idrees, President Federation of Pakistan Chambers of Commerce and Industry, Karachi, Mr. Maqsood Butt, President Lahore Chamber of Commerce and Industry, Mr. Sanzei Abbasi Pakistan Petroleum Exploration Association and Production Companies Association and various stakeholders including other members of the business community.
The meeting held at Federal Board of Revenue reviewed the measures/proposals regarding the second phase of withdrawal of the concessionary regime. The first phase was successfully completed last year. The final phase, would likewise be undertaken in the fiscal year 2016-17.
The Finance Minister expressed the hope that the committee would further build on the hard work already done by the FBR and come up with positive recommendations.
Finance Minister Ishaq Dar, it may be recalled while highlighting complexities in the tax system arising due to discriminatory exemptions/concessions in budget speech 2013-14, had announced establishment of a committee for reviewing the whole concessionary regime (SROs). The Committee since has come a long way in regularizing the concessionary regime.
