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Event Title: Senator Fida Muhammad, Convener Sub-Committee of The Senate Standing Committee on Commerce Presiding over a Meeting of the Sub-Committee at Parliament House Islamabad on August 10, 2022.

Event Date: 2022-08-10

A meeting of the Sub-Committee on the Senate Standing Committee on Commerce was held in Parliament House.  The meeting was convened for a briefing on gold imports under the Convenership of  Senator Fida Muhammad; those who attended included Senator Muhammad Abdul Qadir and Senior Officers from the Ministry of Commerce (MoC). 

The Committee discussed various issues that challenged the Industry.  Details of import policy were shared as well.  It was asserted that presently the import of gold into Pakistan is governed under the Entrustment and Self Consignment Schemes.  Under the Self Consignment Scheme a Jeweller can export jewellery made from locally procured precious metals and gem stones and allowed to realize 50 percent of such export proceeds in the form of gold import. 

MoC has been receiving representation from the Gems and Jewellery Sector to review stringent policies to facilitate the Country. The Ministry has also received recommendations from PM Task force for Gems and Jewellery and Tax Ombudsman regarding this matter. Accordingly a Gems and Jewellery Committee formulated by MoC to address concerns. The panel consisted of representation from MoC, SBP, FBR and TDAP. Proposals have been finalized for amendments. 

The Committee was informed that currently zero percent duty was being charged; 17 percent sales tax has also been lowered to encourage Jewellers to join the tax net.  Given the current economic situation of the Country the Ministry recommended that imports of gold must be curtailed until the dollar stabilizes.  The matter could be reviewed at a future date. 

The Committee directed that the FBR be summoned in the next meeting for details on taxation rules applicable to the Industry.  Members of Sarafa Committee will be called as well for a holistic view.