Islamabad, (Parliament Times) : Meeting of the Senate Standing Committee on Finance and Revenue was held today at Parliament House with Senator Saleem Mandviwalla in Chair.
At the outset matter regarding the waving off the outstanding dues of the Federal Excise Duty/Sales Tax against the industrial undertakings of erstwhile FATA was discussed in detail. Officials of the Malakand Chamber of Commerce and Industry requested the committee to make following recommendations to the Federal Government;
a. to table a bill proposing amendments in the Federal Excise Act, 2005 providing waiver of Federal Excise duty with retrospective effect to steel and ghee 86 cooking oil industries located in erstwhile FATA and PATA.
b. to direct FBR allowing refund of input tax credit or adjustment thereof against supplies made to tariff areas.
c. to make amendment in entry No. 152 to the Sixth Schedule to the Sales Tax Act, 1990 providing exemption to oil 86 ghee and steel industries from tax in the electricity bills.
d. to extend the exemption in levies administered by the FBR to the erstwhile FATA and PATA for further five years.
Chairman Committee, after due deliberations directed the officials of Malakand Chamber of Commerce and Industry to provide appropriate justifications for the demanded exemptions and further discuss the matter with the government.
Detailed discussion was held on the restriction of LCs causing delay in development and opening of Five Star Hotel named “Movenpick Hotel, Islamabad”. Minister for State on Finance and Revenue said that Government had to impose some restrictions due to tremendous economic stress and import of non-essential and luxury items was restricted in best interest of the country. She further added that this is just the temporary restriction and will be relaxed as the economic and currency situation improves. As 90% of the work is already completed committee members advised the officials of State Bank and Ministry of Finance and Revenue to consider the specific import requests and work for the mitigation of the problems faced by the businessmen in this regard.
Meeting was attended by Senators, Farooq Hamid Naek, Saadia Abbasi, Anwar Ul Haq Kakar, Mushtaq Ahmed, Minister for Safron Senator Muhammad Talha Mehmood, Minister of State on Finance and Revenue, Dr. Aisha Ghaus Pasha, Senior officials from Ministry of Finance and Revenue and State Bank of Pakistan.