FBR, Commerce Ministry to brief Senate body on implementation status of revisited RD

ISLAMABAD: The Senate Committee on Finance, Revenue, Economic Affairs and Narcotic Control would be briefed by the Federal Board of Revenue (FBR) and Ministry of Commerce on action taken for withdrawing regulatory duty on some products, which the committee felt were imposed inappropriately.

The committee would be informed by FBR about the revisiting of the notification of regulatory duty dated October 10, 2017, as recommended by the committee in its meeting held on November 16, 2017, after the consultation with all stakeholders according to Senate Secretariat notification.

The senate body, after hearing the issue had rejected RD on various importing items and had directed the FBR to revisit it.

These duties were imposed on the recommendations of the Commerce Ministry to help reduce import bill.

The committee in its meeting on November 9 had directed FBR to withdraw its letter that has resulted in imposition of 10 percent regulatory duty on import of gas generators of 1250 KV or more capacity.

Both the FBR and Ministry of Commerce were directed to have meeting with the importers of auto parts and come with solution on RD on auto-parts.

The meeting scheduled on Tuesday would review the revisiting status of these regulatory duties.

Meanwhile, the committee is scheduled to further consider a Private Member’s Bill further to amend the Protection of Economic Reforms Act 1992 (The Protection of Economic Reforms (Amendment) Bill 2016), introduced on October 2016, the notification added.

The Accountant General of Pakistan Revenues (AGPR) would present its progress report on conversion of pensioners on Direct Credit System (DCS) as recommended by the committee in its meeting held on October 27.

The Ministry of Finance would also brief the committee on the debt management risk indicators report for the year 2016-17 whereas it would also be briefed on recent approval by the Federal Cabinet on the issuance of Sukuk bonds along with details of Sukuk or Euro bonds issued, assets pledged and its interest rates for the last eight years.

The State Bank of Pakistan is also scheduled to give briefing to the committee on the recent overnight devaluation of Pakistan rupee.

In-camera briefing by the Standard Chartered Bank, Citi Bank and Deutsche Bank on the issuance of $500 million Euro bonds in the year 2015 would also be discussed.