ISLAMABAD: The government has constituted a high-level committee under the chair of Finance Minister Ishaq Dar to pave the way for the withdrawal or rationalisation of Statutory Regulatory Orders (SROs), dealing with concessionary tax regime.
The Federal Board of Revenue has issued a notification in this regard which mentions that the federal government has constituted a committee to contemplate recommendations of the committee headed by the FBR Chairman to identify concessionary Statutory Regulatory Orders (SROs) which can be rationalised, simplified, minimised or deleted in the budget fiscal year 2014-15.
The committee has also been tasked with the review of each SRO on the basis of the approved “Principles for Review” and finalising their rationalisation, simplification, minimisation or deletion over the next three years. Federal Finance and Revenue Minister Ishaq Dar heads the committee comprises of the Minister for Industries, Minister for Planning and Development, Minister of State for Commerce and Textile Industry, Chairman Board of Investment, Secretary Finance, Secretary Commerce, Secretary Industries, Secretary Revenue Division/Chairman Federal Board of Revenue, [Secretary of the Committee], Presidents of Federation of Pakistan Chambers of Commerce & Industry, Karachi Chamber of Commerce & Industry, Lahore Chamber of Commerce & Industry, Sarhad Chamber of Commerce & Industry and Quetta Chamber of Commerce & Industry Quetta.
The committee can also consult with any other person/professional/expert while the presence of representatives of the chambers and federations would help identify concessionary SROs to be deleted in the next budge. It is to be noted that the business community has also been provided with a platform to put forward their recommendations through the committee headed by Secretary Revenue Division/Chairman, FBR. The impact of the withdrawal of the concessionary SRO would be submitted by the representatives of the business and trade. The revenue implications of the SROs would also be shared by the business community.
