Islamabad : Senate Standing Committee on Finance, Revenue and Economic Affairs on Thursday directed the Federal Board of Revenue (FBR) to take up the issue of revision of Regulatory Duty on imported items with the representatives of various trade organizations and resolve it positively within 15 days.
The Senate Standing Committee which was held here at the Parliament House under the chairmanship of Senator Saleem Mandviwala, discussed the issue of recent increase and imposition of Regulatory Duty on over five hundred luxurious imported items.
Member Customs Muhammad Zahid Khokhar giving details of the issue of increase in the Regulatory Duty, said it was revised only on luxurious items and to protect the local industry.
He said the decision to impose and revision of the Regulatory Duty was not revenue generated issue. He said a number of associations have approached FBR for further clarification on this issue and he agreed to meet the representatives of various trade bodies and association for their satisfaction and take appropriate action in this regard. He said another purpose to revise the Regulatory Duty on imported items was to discourage the imports of these luxurious items to reduce the burden on the import bill of the country.
The Chairman Senate Standing Committee Saleem Mandviwala directed the FBR to hold detailed discussion with the representatives of the trade associations and also hold consultation with Ministry of Commerce and Trade to resolve the apprehensions of the trade associations.
The FBR Customs Department was directed by the Senate Standing Committee on Finance and Revenue to hold the meeting through coordinate with Ministry of Commerce and Trade, representatives of various trade organizations and resolve the issue of revision of Regulatory Duty and report to the Committee before its next meeting to be held on December 6.