Federal Board of Revenue notifies two special bodies to resolve Steel Industry issues

Lahore, November 29, 2013 (PPI-OT): The Federal Board of Revenue (FBR), in pursuance of directions of Federal Finance Minister Ishaq Dar, notified on Friday two high-powered special committees comprising top FBR officials and LCCI representatives to finalise modus operandi to resolve the issues of Steel Industry and overcome the challenges of Smuggling, Under invoicing and Refunds.

The Special Committees, constituted vide FBR notification (C No 1(1) Chief (Automation and ST)/2013, would meet soon to chalk-out plans to deal with issues of Steel Industry and initiate action against Smuggling, Under invoicing and expedite the process of Refunds. As per notification, the special LCCI-FBR Committee on Steel Industry comprised five members including former LCCI President Mian Muhammad Ashraf (Chairman) , Patron Pakistan Steel Re-Rolling Mills Association Hafiz Muhammad Akber, Mr Khalid Javaid of Ittehad Steel Mills, Member FBR (IR-Operations) Muhammad Ashraf Khan, Chief Commissioner Inland Revenue, RTO, Lahore Shafqat Mahmud The Special LCCI-FBR Committee on Smuggling, Under-invoicing and Refunds consists of former LCCI President Sheikh Muhammad Asif (Chairman), Iftikhar Ali Malik, Mian Anjum Nisar and Shahid Hassan Sheikh, Member Customs, FBR, Nisar Muhammad, Collector Customs (Preventive) Junaid Akram.

The LCCI office-bearers, during their meeting with Federal Finance Minister Ishaq Dar on November 16, had informed him that a number of steel manufacturing units were fast heading towards closure only because of authorities inaction against unregistered steel manufacturers, rampant smuggling, under-invoicing and non-release of refunds.

The Lahore Chamber of Commerce and Industry is of the view that if the menace of smuggling and under-invoicing is controlled and the issue of refunds is streamlined, the government would be able to generate huge revenues besides allowing the genuine businessmen to continue their businesses with peace of mind to contribute to the national exchequer.

Meanwhile, the LCCI Acting President Mian Tariq Misbah and Vice President Kashif Anwar have appealed to all the LCCI Members to contact Lahore Chamber of Commerce and Industry if they are facing problems in the above said areas of business.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854

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