The Federal Board of Revenue (FBR) has decided to review sales tax/customs duty structure on steel sector and propose amendments to existing procedures and rules in consultation with the steel and ship breaking industries in the upcoming budget (2016-17). Sources told Business Recorder here on Wednesday that the FBR has notified constitution of a committee to submit budget proposal for steel sector. The committee's recommendations would be incorporated in budget (2016-17).
According to the FBR, in order to discuss and finalise recommendations regarding proposed amendments in procedure and tariff, a meeting of the said Committee is being convened in FBR. The FBR has notified following members of the Committee: Zulfiqar Hussain Khan, Chief (ST&FE-Policy), FBR; Abdul Hameed Memon, Chief (Automation & ST), FBR; Muhammad Irfan Raza, Commissioner Inland Revenue (CIR), Zone-IV, RTO, Lahore; Khalid Javaid, Chairman, Pakistan Steel R-Rolling Mills Association (PSRMA); Irshad Movwjee, Ex-Chairman, PSRMA; Javaid Mughal, Member B.C., PSRMA; Muhammad Ashraf, Member E.C., PSRMA; Mian Iqbal Tariq, Chairman, PSMA; Mian Aziz-ur-Rehman Chan, Parton In Chief, Pakistan Steel Melters Association (PSMA); Abbas Abar Au, Vice Chairman, PSMA; Chaudhry Sarwar Member E.C., PSMA; Dewan Rizwan Farooqui, Chairman, Pakistan Ship-Breakers Association (PSBA); Hanif Javani, Member B.C. PSBA; Rafique Salam, Member, B.C., PSBA and Sharif Parachi, Member, B.C., PSBA.
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