Finance Minister Ishaq Dar Chairs meeting to review SROs

Finance Minister Chairs meeting to review SROs

The second meeting of the Committee constituted by the Prime Minister Nawaz Sharif to review the concessionary regime (SROs) was held at the FBR today. Finance Minister Senator Mohammad Ishaq Dar chaired the meeting.

Chairman FBR informed the Committee that the sub committee held its various meetings with the stake holders to firm up recommendations to be considered by the Committee. He gave a detailed presentation on the deliberations of the sub committee in the light of principles formulated by the Committee.

On the occasion, the Finance Minister Senator Mohammad Ishaq Dar said that in order to promote local industry we need to focus on its development and promotion.  He said that the role of the Engineering Development Board (EDB) is very important. It has to strengthen the engineering sector and integrate it with the world market to make it driving force for economic growth. He directed EDB officials to work with the FBR team for firming up final recommendations in regard to machinery and related items.

The Finance Minister assured the representatives of the Chambers of Commerce and Industry that the interests of the domestic industry will be protected for the purposes of employment generation and to keep it competitive. The Minister directed Chairman FBR to separately meet with the representative of the Chambers of Commerce and Industry for incorporating their recommendations.

The Finance Minister further said that the government will provide protection where required and will not impose any burden where it is not sustainable or impacts the common man. The Finance Minister said that the Prime Minister’s decision to constitute this Committee and include in it, representatives of relevant ministries as well as stakeholders including business persons is aimed at taking all on board so that the decisions pertaining to removal of distortions and disparities in the SROs are made with collective wisdom. In this connection the Finance Minister said that the Federal Board of Revenue (FBR) has been working hard to rationalize and streamline SROs and he has himself held several meetings.

The meeting was attended by Mr. Ahsan Iqbal, Federal Minister for Planning and Development, Mr. Khurram Dastagir, Federal Minister for Commerce, Mr. Abbas Khan Afridi, Federal Minister for Textile Industry, Secretary Finance Dr. Waqar Masood, representatives of Federation of Pakistan Chamber of Commerce, Karachi Chambers of Commerce, Lahore Chambers of Commerce, KPK Chamber of Commerce, Secretary Board of Investment and senior officials of the federal government.