LAHORE: The Pakistan Steel Re-Rolling Mills Association (PSRMA) on Monday held its annual elections for the term 2020-21. Shaban Khalid was elected as Senior Vice Chairman, Sufi Muhammad Azeem as Vice Chairman Lahore Circle, Ali Asghar Barbrawala was elected as Vice Chairman Karachi Circle.
The Executive Committee included Mian Muhammad Hassan, Mian Manzoor Ahmad, Amir Malik, Mian Ejaz Ahmad from Lahore Circle and Ali Ahmed, Masood Sadiq, Khurram Ishtiaq and Haris Hanif were elected from Karachi Circle.
After having been elected, the PRSMA chairman addressed the 59th Annual General Meeting and said the ITP (import trade price value of Re-Rollable scrap is in excess by US $140 per matric ton than actual value which must be re-valued at actual import value. The FATA/PATA units are paying zero sales tax at import stage. It should be imposed at import stage on FATA/PATA. The GST system on steel sector has failed and FBR may revert to old fixed revenue which will increase FBR revenue by many folds, he added.
The chairman said the turnover tax should be reduced by 0.50 percent for the next three years, adding the requirement of CNIC for Rs 100,000 and above sales be deferred till June 2022 to be at par with the construction industry and be a part of the package being second most important allied industry.
The minimum production of Re-Rollers revised to 110 unit of electricity from 130 units for manufacturing of one metric ton of steel bars and other re-rolled profiles of steel is not justified. He said PSRMA suggests separate benchmark for automatic mills and small-medium mills as the small mills consume more than 30 units. He said the issues being faced by PSRMA should be resolved immediately, he added.
Copyright Business Recorder, 2020
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