Inside Financial Markets

Senate Committee for allowing 1000 metric tons ghee export per month

gheeSenate Committee for allowing 1000 metric tons ghee export per month

ISLAMABAD, Aug 27 (APP): Senate Standing Committee on Commerce here  on Tuesday directed the Ministry of Commerce and Federal Board of Revenue (FBR)to allow export of 1000 metric tons of vegetable ghee under Duty & Tax Remission for Exports (DTRE) Scheme for ghee manufacturers of Khyber Pakhtunkhwa and Balochistan provinces to promote and develop the industrial sector of these provinces.

The Senate Committee which met here with Senator Haji Ghulam Ali in the chair discussed the mishandling of DTRE scheme in Khyber Pakhtunkhwa by Federal Baord of Revenue and Ministry of Commerce.
Senator Haji Ghulam Ali said that the scheme was started to promote and protect the industrial sector of the Khyber Pakhtunkhwa and Balochistan provinces as both the provinces were facing terrorism.
He informed the committee that about four ghee mills were closed for the last many years which were contributing Rs. 7.25 billion in terms of different duties and taxes in the national exchequer.
Speaking on the occasion, Senator Ilyas Ahmad Bilour called upon the departments concerned to resolve the different issues relating to DTRE scheme to facilitate the ghee manufacturing industry of Khyber Pakhtunkhwa.
He asked for developing and promoting the industrial sector of Khyber Pakhtunkhwa by giving tax exemptions and relief to provide more employment opportunities for the people of that area to bring them in national main steam.
Speaking on the occasion, Chairman FBR, Tariq Bajwa assured the committee that issues relating to DTRE scheme would be resolved soon by taking stock of the situation.
He informed the committee that tax culture in the country needed to further promote as currently it was about 8.5 percent of the GDP lower as compared to the neighboring country India.
Senators, Ilyas Ahmad Bilour, Chaudhry Muhammad Jaffar Iqbal  besides Chairman FBR and officials of Ministry of Commerce attend the meetin


Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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