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The Committee expressed concern over federal taxes on the industry and suggested inviting the Chairman of the Federal Board of Revenue (FBR) to brief the Committee on industrial taxes and discuss potential tax waivers to support the sector’s revival.
The 2nd meeting of the Standing Committee on Industries & Production was held today under the Chairmanship of Syed Hafeez ud Din, MNA, at Parliament House, Islamabad.
The Secretary of the Ministry briefed the Committee on the Ministry’s performance and its departments. Regarding Pakistan Steel Mill (PSM), he reported that the Special Investment Facilitation Council (SIFC), headed by the Prime Minister, decided to declare PSM as scrap due to outdated infrastructure and technology.
The 19,000 acres of PSM land will be used for a Special Economic Zone. Two zones of 500 and 700 acres were established, with 700 acres allocated to the Sindh Provincial Government for a modern steel mill.
The gas supply to PSM will be disconnected on June 30, 2024, saving Rs. 2.5 billion. The Committee will hold a separate meeting for an in-depth briefing on PSM.
The Managing Director of Utility Store Corporation (USC) briefed the Committee on USC’s functions and challenges. Established in 1971, USC provides subsidized food items through approximately 6,000 stores, with 4,775 operational.
Last year, Rs. 22.53 billion was allocated under the Prime Minister’s relief package, including Rs. 12.47 billion for the Ramzan Relief Package. This year, Rs. 60 billion is allocated for USC, pending Federal Cabinet approval.
The Committee will hold a separate meeting to review USC in detail and request all audit reports in the next meeting.
