F.P. Report
ISLAMABAD: The Tariff Policy Board on Thursday decided to rationalize the current tariff regime by analyzing the impact assessment of different tariff relief measures taken in the previous fiscal years.
The Board, which met here with Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood, agreed that it and its sub-committee would holdd multiple sessions to finalize the proposals well in time, a Ministry Commerce press release said.
The meeting discussed the economic impact of the ongoing Covid-19 pandemic and deliberated upon ways and means to avert the financial losses to the businesses.
Speaking on the occasion, the Commerce Advisor said due to the negative impact of COVID-19 emergency on the economy, it was imperative to devise policies for growth and progress of all economic sectors.
A win-win situation for everyone, including the government exchequer, might be created.
He said better collection of direct taxes would make room for providing relief to the formal documented sectors of economy by reducing indirect taxes like sales tax.
The meeting also discussed customs tariff related proposals for the upcoming federal budget for fiscal year 2020-2021.
The meeting was attended by Secretary Commerce, Secretary Finance, Federal Board of Revenue Chairperson, National Tariff Commission Chairperson, and representatives of the Ministry of Industries and Production, and Board of Investment.
