ISLAMABAD: Finance Minister Ishaq Dar reiterated the resolve to review the Statutory Regulatory Orders (SROs) with the aim to make decisions with collective wisdom in national interest.
He was chairing the first meeting of the Committee constituted by PM Nawaz Sharif to review concessionary regime (SROs).
The Finance Minister pointed out that the PM constituted the committee comprising representatives of the ministries concerned and other stakeholders including business community to protect national interest and rights of industry. He informed that the tax to GDP ratio had reduced to nine percent from 14.5 percent in 1998-99, mean the exchequer had to face a loss of over Rs1,400 billion annually.
Ishaq Dar said that the Federal Board of Revenue (FBR) had been making strenuous efforts to rationalise and streamline SROs, adding that he had himself held several meetings in this regard so far. “Objective of all these hectic discussions and contemplation is to remove distortions and disparities created due to the issuance of arbitrary SROs,” Dar asserted, adding that the government would provide protection wherever it required and would never impose any burden that affect the common man. He also advised the committee to be careful while deciding fate of SROs as many charitable institutions and non-profit organisations had been given protection.
The Finance Minister expressed his hope that the committee would capitalise on the work already done by the FBR and come up with concrete recommendations.
Federal ministers, Finance Secretary Dr Waqar Masood, Advisor to Finance, the Industries Secretary, FBR Chairman Tariq Bajwa and senior officials of FBR and Ministry of Commerce, representatives of FPCCI, KCCI, LCCI, KPCCI and the Board of Investment Secretary attended the meeting.