ISLAMABAD: Senate Standing Committee on Finance and Revenue here on Tuesday was informed that the draft of the rules of Benami Act, 2017 had been finalized and submitted before the cabinet for approval.
The Committee which, met here with Senator Saleem Mandviwalla in the chair was also informed by the Federal Board of Revenue (FBR) that after a strong enforcement tobacco smuggling into the country was reduced.
Chairman FBR Tariq Pasha apprised the meeting that during last two months strong enforcement measure were taken against illegal tobacco trade into the country.
He said that legal trade was increased as sales tax and federal excise duty on the imported tobacco had witnessed significant increase during last two months.
Meanwhile, he informed the meeting that FBR had followed all the legal procedures while making the changes in sales tax rates on the petroleum products when the cabinet was not in place.
Discussing another agenda item regarding the difficulties being faced by the importers of solar generators, Senator Osman Saifullah said that there should be a mechanism to protect the interest of local industry for industrial growth in the country.
Member FBR told the committee that 3 percent federal excise duty was levied on the import of LED lights being used for domestic purposes, where as 20 percent FED was charged on the import of fancy lights.
Speaking on the occasion, Senator Kamil Ali Agha asked for encouraging the competition among the local industry for enhancing the quality of the locally produced products.
Discussing the other agenda regarding sugar mills, he opposed the payments of any subsidy to the local sugar mills and asked the millers to ensure the payment of all outstanding amounts of sugarcane growers.
Senators, Ayesha Raza Farooq, Kamil Ali Agha, Osman Saifullah Mohsin Aziz and Sardar Fateh Mohammad Mohammad Hassani attended the meeting.