ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that the government is committed to supporting the local industry.
He stated this during a meeting with the representatives from the Pakistan Association of Large Steel Producers (PALSP), Pakistan Steel Melters Association (PSMA), and Pakistan Steel Re-Rolling Mills Association (PSRMA), and Pakistan Steel Pipelines Association (PSPA) on Thursday.
Chairman Federal Board of Revenue (FBR) was also present in the meeting.
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The delegation presented an overview of the steel industry’s performance, alongside potential strategies to enhance its growth.
While emphasising the importance of fostering a conducive environment for industry expansion, they proposed adjustments to tax and customs duties.
In addition, the delegation advocated for the organized sector’s encouragement and stressed the necessity of integrating all producers and sellers into the tax net.
The finance minister reiterated the government’s commitment to support the local industry.
He emphasised the FBR’s initiative in expanding the tax net by bringing under-taxed sectors into the tax net.
The minister further emphasised the need for collaborative efforts between the government and the private sector to address the challenges faced by the steel industry.
The chairman FBR also assured the delegation of continued support and favourable actions from the government.
The delegation thanked the federal minister for finance and revenue and the chairman FBR for their support and cooperation.
Copyright Business Recorder, 2024