Senate Body To Discuss Alleged RD Anomalies On Thursday

The Senate Standing Committee on Finance, Revenue, Economic Affairs and Narcotics Control in its upcoming meeting, scheduled on November 16 (Thursday), would further discuss the alleged anomalies in the Regulatory Duties (RD), recently imposed by Federal Board of Revenue (FBR) on the advice of Commerce Ministry

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Nov, 2017 ) :The Senate Standing Committee on Finance, Revenue, Economic Affairs and Narcotics Control in its upcoming meeting, scheduled on November 16 (Thursday), would further discuss the alleged anomalies in the Regulatory Duties (RD), recently imposed by Federal board of Revenue (FBR) on the advice of Commerce Ministry.

The committee is scheduled to be chaired by Senator, Saleem Wandviwalla while stakeholders including exporters and local manufacturers including All Pakistan Textile Mills Association, Pakistan Tyre Importers and Dealers Association (PTIDA), Pakistan Chemicals and Dyes Merchants Association, Thal Engineering and General Tyre and Rubber Company of Pakistan Limited (GTR) have been invited to attend the meeting, according to Senate Secretariat notification.

The committee had deferred discussions on the issue during its last meeting to hear local manufacturers before reaching any final decision. The committee had directed Federal Board of Revenue to withdraw its letter that had resulted in imposition of 10 percent regulatory duty on import of gas generators of 1250 KV or more capacity.

On the issue of RD on import of tyres, the Federal Board of Revenue argued that this would promote local industry, however, the importers were of the view that the local industry had not such huge potential to cater to increasing tyre demands, sources said.

The local industry was producing just 20 percent of the total tyres consumed in the country, so it was unable to meet the demand, they argued. Later the committee decided to also take viewpoint from the local manufacturers on the issue before any final decision.

The committee would also consider the bill further to amend the Auditor General's (Functions, Powers and Terms and Conditions of Services) Ordinance 2001. The Auditor Generals (Functions, Powers and Terms and Conditions of Services) (amendment Bill 2017) was passed by the National Assembly and referred to the committee for consideration and report.

The committee would also follow up with FBR the matter of pending ACRs of Appraisers of Customs department as recommended by the Committee in its meeting held on May 9, 2017, according to Senate Secretariat notification.