ISLAMABAD: Patron-in-Chief of Pakistan Association of Large Steel Producers Abbas Akberali on Wednesday met Chairman FBR Asim Ahmad. He apprised the Chairman FBR about urgent need for revision of minimum value of steel.
Abbas outlined that this issue is not only hurting the ethically taxpayer local manufacturer but also denting the revenues of national exchequer. He said addressing the problem will help in increasing govt revenue.
The PALSP chief Patron briefed the chairman that in the current market situation, where the prices of steel products in market increased very much the minimum prices notified by govt are hurting the ethical tax payers, They briefed the chairman that the currently effective minimum rates for steel products are according to the rates specified in the SRO 992(I)/2019 dated September 4, 2019 which was done over one and a half year ago. There is enormous difference in the current market prices as compared to the minimum rates for steel products fixed by government and specified in the said SRO. PALSP has asked FBR to revise the minimum values of steel products on quarterly basis and these minimum rates need to be revised according to current market prices.
Chairman FBR Asim Ahmad assured the PALSP members he will notify the revised minimum prices of steel products in the minimum possible time. He directed the concerned to address the issue of Fixation of Minimum Price of Steel Products.
PALSP appreciated the Chairman FBR’s interest in addressing challenges that the steel industry has been facing. They said we stand with the government and hope that the government’s policy of supporting the domestic industry will be enduring.