KARACHI, April 14: Industrialists want a substantial reduction in electricity cost, exemption for industrialist from the payment of distribution and equipment cost when given a new electricity connection and that industry be allowed to generate and distribute electricity.

A five hours long meeting of the Advisory Council for the ministry of Industries and Production held on Wednesday at Islamabad with federal minister Liaquat Jatoi in chair discussed the problems of the industry threadbare. The Chairman of Central Board of Revenue and senior officials of the ministries, business leaders and corporate leaders of multinational companies attended the meeting.

Engineer M.A Jabbar, the Vice President of the Federation of Pakistan Chambers of Commerce and Industry who attended the meeting and returned back to Karachi on Wednesday evening informed Dawn that he had asked the Engineering Development Board (EDB) to prepare a fall back position in case Pakistan fails to obtain a further extension for exemption from TRIMS for the car industry.

He also urged the government to treat the domestic and foreign investors equally alluding to various SROs, which exempts investment in energy, power and gas from customs duty on import of capital goods by the foreign investors. "The local investors have to pay import duty from 5 to 10 per cent for their projects," he complained.

The FPCCI leader endorsed the observation of the CBR chairman who favoured zero tax on import of machinery and equipment. Jabbar also urged the government to review and consider amendment in Federal Tax Ombudsman (FTO) law to make the office meaningful, effective and responsive to the tax payers grievances against taxation establishment.

According to the FPCCI leader the federal minister Liaquat Jatoi in his remarks said that his ministry was committed to promotion of industry particularly the upgradation of the engineering industry.

Mr Javed Ashraf, the federal secretary of industries and production informed the participants that joint stock companies have been formed to manage the development of textile cities. The chairman of the Central Board of Revenue Abdullah Yusuf said that the Board has opened a website to invite suggestions for improvement in the taxation system.