ISLAMABAD: Federal Board of Revenue (FBR) has devised a plan for phasing out the Statutory Regulatory Orders (SROs) in three years timeframe.
FBR Chairman gave a detailed presentation on the plan during a meeting held under Finance Minister Senator Ishaq Dar on Saturday.
Dar said the Prime Minister’s decision to constitute the Committee and include in it, representatives of relevant ministries as well as stakeholders including business persons was aiming at taking all stakeholders on board so that the decisions could be made with collective wisdom. Dar who is the convener of the Committee said the Committee in its eight meetings held in last three months has reviewed the SROs with an independent and open mind and conducted an exercise in keeping with the national interest.
In this connection the Dar said the Committee and the FBR has worked hard to rationalise and streamline SROs and he has been himself holding several meetings.
The purpose of carrying out this exercise is to remove distortions and disparities created due to the issuance of arbitrary SROs, he added.
Dar said the government would provide protection where required and would not impose any burden where it was not sustainable or impacts the common man. SROs aiming at providing relief to charitable institutions will be given protection. He informed the whole process would take few years to be completed.
Chairman FBR on the plan informed the plan encompasses principles to remove contradictions and distortions. He said after consultations with the stakeholders the recommendations have been prepared for the committee to consider and take appropriate decision. There is a general consensus local manufacturing and exports should be encouraged and we should save money where possible on imports.
Minister for Textile Industry, Secretary Finance Dr Waqar Masood, secretaries ministries of Industries, Commerce and Textile, adviser to Finance Ministry Rana Assad Amin, senior officials of FBR and Ministry of Commerce, representatives of Federation of Pakistan Chambers of Commerce and Industry, Karachi Chamber of Commerce and Industry, Lahore Chamber of Commerce and Industry, Khyber Pakhtunkhwa Chamber of Commerce and Industry, secretary Board of Investment and senior officials of the federal government attended the meeting.
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