ISLAMABAD - The Senate standing committee on finance on Thursday expressed displeasures over increasing regulatory duty on the imports of tyres and gas generators of 1250KV or more capacity.

The committee meeting, which was chaired by Senator Saleem Mandviwalla, discussed the enhancement of regulatory duty (RD) on various imported commodities. Pakistan Tyres Importers and Dealers Association (PTIDA) informed the committee that Pakistan is importing tyes worth Rs36 billion every year, as country is not producing radial tyres. The government had enhanced the RD on tyres from 15 to 20 percent, which would increase its prices in the country, they said and added that smuggling of tyres would also increase after hike in RD.  

The committee members demanded of the government to immediately withdraw the RD on the imports of the tyres. Committee member Senator Kamil Ali Aga said that FBR should take parliament’s approval before imposing any taxes. The committee has decided to summon all local manufacturers for taking their viewpoint on recently imposed regulatory duty on imports of tyres.

The committee has recommended the FBR to withdraw its letter that has resulted in imposition of 10 percent regulatory duty on import of gas generators of 1250 KV or more capacity.

The committee has also shown displeasure over the absence of representatives of private banks to brief the committee on the auction of Euro bonds. Committee chairman said that they would take action if the representatives of banks do not come in next meeting.