The Standing Committee on Finance, Revenue & Economic Affairs met today under the Chairmanship of Mr. Qaiser Ahmad Sheikh at 11:45 a.m, at Sialkot Chamber of Commerce & Industry for discussion on the following Agenda:

1.      Confirmation of minutes of pervious meeting of the Committee held on 14Th July, 2017.
2.      Discussion on the problems being faced by the exporters/stakeholders/industiralists with Federal Board of Revenue (FBR), State Bank o Pakistan and National Bank of Pakistan.
3.      Discussion on the issue of differential of income tax between commercial and industrial importers.
4.      Briefing by Chairman FBR on the status of refunds for exproters till date.
5.      Discussion about the audit criteria defined by the Federal Board of Revenue for industries.
6.      Briefing on China Pakistan Economic Corridor Industrial Zone.
 

Mr. Majid Raza Bhutta, President Sialkot Chamber of Commerce & Industry has warmly welcomed the members of the Standing Committee and Senior Officers from Ministry of Finance, Federal Board of Revenue, Ministry of Industries, State Bank of Pakistan, Ministry of Planning, Development & Reforms. He appreciated the role of the said Committee for supporting the business community and he also admired the services of concerned Officers of Federal Board of Revenue and State Bank of Pakistan.

The President Chamber  highlighted the issues being faced by the business community regarding refunds and rebates and audit criteria defined by the Federal Board of Revenue for Industries. However, Mr. Rehmatullah Wazir, a Senior Representative of FBR replied that Federal Board of Revenue had released 50 (B) Rupees during 2016 in shape of refund claims and rebate. He added that this year (in the first quarter) FBR has already released an amount of PKR 40(B) in this regard. The Committee unanimously recommended that matters pertaining to refunds/rebate should be resolved on priority basis. While considering the issue of the differential of income tax between commercial and industrial importers, the committee once again recommended that same should be resolved as per the earlier recommendations/directions of the committee. However, Mr. Rehmatullah Wazir informed that Government has already been implementing the recommendations of the Committee, partially.
 
The Committee unanimously recommended that export emergency should be declared in the country to control the decline in the export sector. The Committee also made a Joint Declaration wherein it was stated that concrete efforts should be made for protection and promotion of exports keeping in view the importance of export sector in the national economy and better interest of the country.

The Committee also discussed the matter regarding Industrial Zones of China Pakistan Economic Corridor. Director Board of Investment briefed the committee about the implementation status with regard to the CPEC Industrial Zones. He said that initially, Government has selected 09 Economic Zones in all the provinces and Government will offer equal investment opportunities to the Chinese investors as well as investors from the World. He added that Government has lifted the ban on the commercial connections of Sui Southern Gas and Government is looking forward for supply of gas in Khairpur Economic Zone, shortly. He further apprised the committee that Provincial Governments will build basic infrastructure and Federal Government will provide Gas, Electricity etc. Mr. ShaukatKhatak, a representative from Board of Investment briefed the committee about the water supply schemes at Gawadar. He stated that Government will complete its work in this regard soon. The Committee unanimously recommended that Mr. Majid Raza Bhutta should be taken on board of the working group on industrial development, being representative from the Sialkot Business Community.

The following members attended the meeting.

Dr. ShezraMansab Ali Khan Kharral, Mian Abdul Mannan, Dr. Nafisa Shah, Mr. Asad Umar and Mr. Abdul Rashid Godil, besides the Senior officers from Ministry of Finance, Federal Board of Revenue, State Bank of Pakistan, , President National Bank of Pakistan, Ministry of Industries, Ministry of Commerce, Board of Investment and Planning Commission of Pakistan.