ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Mehmood Pasha has said that levy of Regulatory Duty will put a positive impact on national economy and the main reason to impose Regulatory Duty is not to collect more revenue but enhance balance between imports and exports.
Senate Finance Committee meeting was held in the Parliament House under the chairmanship of Senator Saleem Mandiviwala. During the meeting Chairman Tariq Mehmood Pasha gave a detailed briefing about levy of Regulatory Duty on imported items. He said that huge quantity of items are being imported. He said that cabinet division and ECC also approved the imposition of Regulatory duty on imported. He said that Regulatory Duty is imposed on 21 old items and 26 new items. Tariq Mehmood Pasha has said that during the first quarter of current Financial Year 22.2 increase is being witnessed in imports while 11.2 percent increase in exports.
He said that some people are trying to create the impression that government imposed Regulatory Duty to collect more revenue while FBR totally reject it. He said that eggs and cucumber are not included in luxury items list. Senator Mohsin Aziz has said that due to Regulatory Duty our local industrial will face many hardship and our neighbor country will take advantage of this situation.
Prominent among those who attended the meeting include Senator Ilyas Ahmed Bilour, Ayesha Reza Farooq, Nasreen Jailil, Mohsin Aziz and Saud Majid. While chairman FBR Tariq Mehmood Pasha, Member Customs Zahid Khokar and other high officials of finance ministry were present.
