Steel Associations leaders propose tax adjustments to Finance Minister

May 31, 2024 (MLN): Emphasizing the importance of fostering a conducive environment for the expansion of the steel industry in Pakistan, representatives from four different steel associations proposed adjustments to tax and customs duties to Federal Minister for Finance Muhammad Aurangzeb during a meeting yesterday.

The associations present at the meeting included the Pakistan Association of Large Steel Producers (PALSP), Pakistan Steel Melters Association (PSMA), and Pakistan Steel Re-Rolling Mills Association (PSRMA), and Pakistan Steel Pipelines Association (PSPA).

The delegation expressed gratitude to the Finance Minister for providing them with the platform to express their concerns.

They presented an overview of the steel industry's performance, alongside potential strategies to enhance its growth.

Furthermore, the delegation advocated for the organized sector's encouragement and stressed the necessity of integrating all producers and sellers into the tax net.

Senator Mr. Muhammad Aurangzeb reiterated the government's commitment to support the local industry. He underscored the FBR’s initiative to expand the tax net by bringing under-taxed sectors into the tax net.

The Minister further emphasized the need for collaborative efforts between the Government and the private sector to address the challenges faced by the steel industry.

The Chairman FBR also assured the delegation of continued support and favorable actions from the Government.

The delegation thanked the Federal Minister for Finance & Revenue and Chairman FBR for their support and cooperation.

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