The Tariff Policy Board (TPB) on Thursday discussed tariff related proposals for the upcoming federal budget 2020-21.
The meeting, chaired by Prime Minister's Advisor on Commerce and Investment, Abdul Razak Dawood, was attended by Secretary, Ministry of Commerce, Secretary, Ministry of Finance, Chairperson, Federal Board of Revenue, Chairperson National Tariff Commission and representatives of the Ministry of Industries and Production and Board of Investment.
In the meeting, customs tariff related proposals for the upcoming federal budget for fiscal year 2020-2021 were discussed. The meeting also discussed the economic impact of the ongoing Covid-19 pandemic and deliberated upon ways and means to avert the financial losses to the businesses.
The Advisor to Prime Minister on Commerce and Investment desired that due to negative impact of Covid-19 emergency on the economy, it is imperative to devise policies for growth and progress of all sectors of the economy. He emphasized that a win-win situation for everyone including the government exchequer may be created.
He pointed out that better collection of direct taxes will make room for providing relief to the formal documented sectors of economy by reducing indirect taxes like the sales tax.
The participants vowed to rationalize the current tariff regime by analyzing the impact assessment of different tariff relief measures taken in the previous fiscal years.
It was decided that there would be multiple sessions of the Tariff Policy Board and the Sub-Committee of the Board to finalize the proposals well in time.
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