FBR, commerce ministry to brief Senate body

Will hear issues of regulatory duty, rupee depreciation among others

ISLAMABAD: The Senate Committee on Finance, Revenue, Economic Affairs and Narcotic Control would be briefed by the Federal Board of Revenue (FBR) and Ministry of Commerce on action taken for withdrawing regulatory duty on some products, which the committee felt was imposed inappropriately.

The committee would be informed about revisiting the notification of regulatory duty dated October 10, 2017, as recommended by the committee in its meeting held on November 16, 2017, after consultation with all stakeholders according to a Senate Secretariat notification.



The senate body, after hearing the issue, had rejected regulatory duty on various importing items and had directed the FBR to revisit it. These duties were imposed on the recommendations of the commerce ministry to help reduce the import bill.

The committee, in its meeting on November 9, had directed the FBR to withdraw its letter that has resulted in imposition of 10% regulatory duty on import of gas generators of 1,250KV or more capacity.

Both the FBR and Ministry of Commerce were directed to have meeting with the importers of auto parts and come with a solution on regulatory duty on auto-parts. The meeting scheduled on Tuesday would review the revisiting status of these regulatory duties.



Meanwhile, the committee is scheduled to further consider a Private Member’s Bill further to amend the Protection of Economic Reforms Act 1992 (The Protection of Economic Reforms (Amendment) Bill 2016), introduced on October 2016, the notification added.

The Ministry of Finance would also brief the committee on the debt management risk indicators report for the year 2016-17.

Published in The Express Tribune, December 19^th, 2017.

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