The government is incurring annual Tax losses of up to 15 billion rupees due to loopholes in import policies and customs regulations that encourage large-scale imports of steel scrap under misdeclaration. This was stated by Pakistan Association of Large Steel Producers in a letter sent to Ministry of Commerce.
This practice has continued unimpeded for the past five to seven years, according to the communication sent by the Pakistan Steel Industry Association to the Ministry of Commerce and the Federal Tax Board (FBR) on Wednesday.
According to the steel industry, in the budget proposals for 2020-2021, FBR authorities have requested amendments to customs regulations to prohibit steel mutilation at ports. The steel sector position was supported and endorsed by the FBR Technical Committee, later SRO 1045 was posted by FBR on its website and the amendment was supported by all the leading trade organizations in the sector.
The association also asked the FBR authorities to issue SRO 1045 without delay, as the release has nothing to do with the budget, it is an administrative matter to check the loss of income and restrict the import of non-standard raw materials, is not allowed. According to PSQCA.
The steel industry has also asked the Department of Transportation and the FBR to look at this issue in the background, which is of great national importance. If this problem is not addressed, it is a recipe for de-industrialization in the steel industry.
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