National Assembly Secretariat has forwarded two major recommendations of the NA Standing Committee on Finance to the SBP, Finance Ministry and FBR. Firstly, the committee recommended that the FBR may arrange a meeting with a senior officer of the State Bank of Pakistan (SBP) and President of Sialkot Chamber of Commerce and Industry for solving the problems of exporters.
Secondly, the committee recommended that the FBR should provide stage-wise sales tax paid by the manufactures of cars at various stages of purchase/imports of the parts of the cars and ultimately included in the price of the cars received from the buyers of the cars by the manufactures/their dealers; along with the details of refund of the said sales tax to the manufacturers by the FBR, National Assembly Secretariat added.
Similarly, Senate Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization approved required correction in its earlier recommendation and gave the following revised recommendations to the FBR: Firstly, the FBR should immediately withdraw the notifications issued over and above five years period with regard to payment of additional duties, taxes and redemption fine against the smuggled vehicles which were regularized under an amnesty scheme in the year 2003. Secondly, the FBR should provide a compliance report on the action taken against the officers of the customs involved for granting concessions in duties in respect of the smuggled vehicles.
Copyright Business Recorder, 2017