Islamabad: The Finance Minister Senator Ishaq Dar chaired meeting of the Committee constituted by Prime Minister to review the concessionary regime (SROs) at the Finance Ministry on Saturday.
In his opening remarks the Finance Minister who is the Convener of the Committee said that the Committee in its eight meetings held in last three months, has reviewed the Statutory Regulatory Orders (SROs) with an independent and open mind and conducted an exercise in keeping with the national interest.
The Finance Minister said that the Prime Minister’s decision to constitute the committee and include in it, representatives of relevant ministries as well as stakeholders including business persons is aimed at taking all stakeholders on board so that the decisions are made with collective wisdom.
Chairman FBR gave a detailed presentation on the plan for phasing out of the SROs in 3 years timeframe. He informed that the plan encompasses principles to remove contradictions and distortions.
He said that after consultations with the stakeholders the recommendations have been prepared for the committee to consider and take appropriate decision.
He added that there is a general consensus that local manufacturing and exports should be encouraged and we should save money where possible on imports.
In this connection the Finance Minister said that the Committee and the Federal Board of Revenue (FBR) has worked hard to rationalize 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. The Finance Minister said that the government will provide protection where required and will not impose any burden where it is not sustainable or impacts the common man.
He added that the SROs aimed at providing relief to charitable institutions will be given protection. He informed that the whole process will take few years to be completed.
The meeting was attended by Minister for Textile Industry, Secretary Finance Dr. Waqar Masood, Secretaries Ministries of Industries, Commerce and Textile, Advisor to Finance Ministry Rana Assad Amin, Chairman FBR Mr. Tariq Bajwa and senior officials of FBR and Ministry of Commerce, representatives of Federation of Pakistan Chamber of Commerce, Karachi Chambers of Commerce, Lahore Chambers of Commerce, KPK Chamber of Commerce, Secretary Board of Investment and senior officials of the federal government.