Revision of minimum value of steel products assured

Islamabad : Pakistan Association of Large Steel Producers (PALSP) has asked Federal Board of Revenue (FBR) to revise the minimum value of steel products as per current market price, says a press release.

PALSP Patron-in-Chief Abbas Akber Ali said this in a meeting with Chairman FBR Asim Ahmad. Abbas Akber Ali outlined that the issue was not only hurting the ethical taxpayer and local manufacturer but also denting the revenue generation for the national exchequer. “Addressing the problem will help the government generate more revenue,” he added.

The PALSP chief Patron briefed the chairman of the current market situation, where the prices of steel products in market have jumped in contrast to the minimum prices notified by government that were hurting the tax payers.

He 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 price as compared to the minimum rates for steel products fixed by the government and specified in the said SRO. Therefore, FBR should revise the minimum value of steel products on quarterly basis and these minimum rates need to be revised according to current market prices,” PALSP patron-in-chief added.

FBR Chairman Asim Ahmad assured the PALSP members he will notify the revised minimum prices of steel products in the minimum possible time. He directed the authorities concerned to address the issue of Fixation of Minimum Price of Steel Products.

PALSP appreciated the Chairman FBR’s interest in addressing the challenges faced by the steel industry for long. PALSP patron-in chief said that the association stands by the government hoping its policy of supporting the domestic industry will be enduring.