ISLAMABAD: The steel sector has raised a red flag over the delay in implementing a budgetary decision, resulting in a colossal loss to the national exchequer.
In the first two months, the FBR has faced a revenue loss of Rs 10 billion. The local steel scrap was exempted from the payment of tax in the budget for 2024-25 so that the fake/flying invoices could not generate. But this decision has not yet been implemented in the last two months of the current fiscal year.
A letter written by the Pakistan Association of Large Steel Producers (PALSP) to Chairman FBR Rashid Mahmood Langrial, stated: “our country as well as our people are facing huge challenges and above all a painful economic situation. We are told that due to the IMF program, the ability of the government is very limited to providing any relief to the industry as well as people. However, we believe, with better facilitation & support and accelerated pace in decision-making, the element of pain and suffering can be mitigated to a reasonable extent.”
“A major chunk of the steel industry has been closed in recent years and the remaining is forced to operate at minimum capacity. As a result, Pakistanis are losing jobs as massive layoffs are underway.
Leave feedback about this