ISLAMABAD: The Finance Committee of National Assembly has recommended the Federal Board of Revenue (FBR) to coordinate with businessmen to resolve their problems in the wake of regulatory and anti-dumping duty imposed by the government on the import of different items, which are either on the way or have reached Pakistan.
The 60th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held under the chairmanship of Qaiser Ahmad Sheikh, MNA. Sheikh, chairman of the committee, informed the members regarding the importance of agenda on economic policy.
He said that currently business community was facing several issues such as cost of business, refund blockage, high interest on agriculture lending and increase in corruption. He added that government should manage to utilize the skills of our youth which was high in ratio, approximately 60 percent.
He also stated that bureaucratic reforms should be made to enhance the performance of government institutions. He was of the opinion that performance of foreign trade attaches should be evaluated by the government towards their objectives. The Committee was informed by the President, Federation Pakistan Chamber of Commerce & Industry regarding the route causes of declined in export sector. He informed that a delegation of business community was met with prime minister in this regard. He stated that a proposal was initiated by the business community that electricity rates should be reduced up to Rs9 from Rs12.
He further stated that another request was made to prime minister with regard to reduce the GICT at Rs. 50 for next five years. He also informed that Honorable Prime Minister was of the concern to increase the export volume up to US$25 Billion within six month, however it was informed to the PM that it could be possible for next one and half year.
The leading businessmen were of the firm opinion that government should provide low rate energy to industries for bringing them to regional competition of export. Javed Malik, President of Lahore Chamber of Commerce & Industry (LCCI) and Mian Anjum Nisar former President of LCCI were of the opinion that government should withdraw regulatory duty, which was recently imposed on different products by issuing SRO.
They stated that this kind of unrealistic measures will attract the public towards smuggling. They were also of the suggestion that input tax adjustment/refund on packing material should be allowed to exporter/exporter houses or in alternative.
Arif Habib a leading businessman drew the attention of the Committee about the growing of current account deficit, need for long and short term policies. He said that government should attract overseas Pakistani businessmen group for investment in Pakistan. The committee recommended to FBR to sit with the businessmen for resolving the problems being faced by the business community owing to regulatory and anti dumping duty, imposed by the government on the import of different items, which were on way and already reached in Pakistan. Rana Muhammad Afzal Khan, Parliamentary Secretary Ministry of Finance ensured the committee that FBR will arrange a meeting, with businessmen for resolving the regulatory duty issues.
The committee recommended that another meeting of the committee would be convened to formulate the discussion points about economic policy.
The committee also decided that leading industrialists, businessmen and stakeholders from stock exchange would be called in its meeting. The meeting was attended by Saeed Ahmed Khan Manais, Dr. Shizra Mansab Ali Khan Kharral, Sheikh Fayyaz-ud-Din, Syed Naveed Qamar, Dr. Nafisa Shah, Asad Umar, Abdul Rashid Godil and Muhammad Ali Rashid, MNAs, besides the senior officers from Ministry of Finance & Revenue, SECP, FBR, SBP and stakeholders.
