ISLAMABAD: Organisation for Advancement and Safeguard Industrial Sector (OASIS) has decided to approach Federal Board of Revenue (FBR) for strengthening domestic industry through imposition of regulatory duty (RD) on export of brass under FBR’s exercise for submitting a new summary to the Economic Coordination Committee (ECC) of the Cabinet.
Talking to Business Recorder, Atif Iqbal Executive Director OASIS said that reportedly FBR has informed Senate Standing Committee on Finance that the summary is being prepared in consultation with stakeholders on recently imposed regulatory duty (RD) to discourage imports and generate financing for export package. FBR member customs informed the committee that the FBR is moving a summary after consultations with stakeholders over regulatory duty (RD) recently imposed on certain items.
Under the ongoing exercise of identifying new items for revision of RD list, the FBR can generate handsome amount of revenue on export of brass. It is requested that the FBR Chairman Tariq Pasha can assign an official for assessment and analysis of the proposal and OASIS would fully assist the FBR for completion of the exercise.
Atif Iqbal said that the OASIS-representing all leading domestic industries has mandate to safeguard the interests of indigenous sectors and strongly supporting FBR in higher courts for continuation of RD as per government policy.
Finance committee has also asked the FBR official for taking it into confidence on the summary being moved on withdrawal of RD imposed on some items subsequent to the protests by representatives of the various industries regarding RD. This is the right time for the FBR to achieve two major objectives simultaneously i.e. additional revenue aimed at reversing the widening trade deficit trend and facilitate for strengthening domestic industry. The data would confirm the fact that the imposition of RD on export of brass would protect major industries in Punjab.
Local sanitary fitting manufacturers of Gujranwala are apprehensive due to heavy export of brass these days from Pakistan resulting into abrupt increase in the prices of this basic raw material for their industry.
Atif Iqbal Executive Director OASIS further said that there are more than 300 manufacturers in Gujranwala whose livelihood is dependent on this industry and thousands of families are associated with these manufacturers. Brass is also used by kitchen ware, surgical, copper wire, electrical goods, electrical switches and other small to medium sized industries largely based in Gujranwala. He suggested that the policy measures should immediately impose 30 percent to 40 percent Regulatory Duty on export of brass from Pakistan so that the export of this basic raw material may be regulated in the best interest our country as well as for the local manufacturers. He said that OASIS is working for the progress of domestic industry in Pakistan and supports all measures necessary for the betterment of local manufacturers.
The local manufacturers of sanitary fittings have started production of state of the art contemporary products which are not only popular in Pakistan but also being exported. This industry has every potential to fetch foreign exchange through sizeable exports and prove to be one of the export sector in non-traditional goods segment, Atif Iqbal added.