Port congestion has caused demurrage losses of Rs. 80-100 million, with around 200 containers still stranded, the Federal Board of Revenue (FBR) officials told the Standing Committee on Commerce on Monday.
Most cleared containers carried full duties, but delays persist due to pending final notifications under the Export Facilitation Scheme. Committee members criticized the delay, urging that containers be released against bank guarantees to prevent further financial losses.
Meanwhile, the committee reviewed a summary concerning the elections of trade organizations. Secretary Commerce said the Ministry of Commerce has already provided its opinion and that the summary is now with the Ministry of Law. Once cleared, it will be sent immediately to the federal cabinet for a final decision.
The committee proposed extending the tenure of trade organizations to two years, while the Chairman separately recommended a one-year extension for the Federation. If not approved, elections will be mandatory under existing laws, members commented.
On the Export Facilitation Scheme, one member informed that although a draft SRO for the iron and steel sector was issued before Eid, the final SRO is still pending. Another member highlighted that despite several meetings of the Prime Minister’s committee, significant recommendations had not been implemented. FBR officials reminded the committee that iron and steel importers had exploited exemptions without meeting the required 10 percent value addition benchmark.
The committee chairman directed authorities to review the option of releasing containers against bank guarantees to ease the situation.
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