KARACHI: Federal Board of Revenue (FBR) has been suggested to reduce customs duty to five percent on import of steel products in order to reduce cost of doing business for industries.
Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2020/2021 submitted to the FBR, urged to reduce the customs duty to five percent under various HS codes on import of steel products.
The chamber said that these steels are basic raw materials for any developing or under developed countries, since Pakistan is not self sufficient in steel productions and relies on imports, it is imperative for the government to lower the rate of duty so the country’s industry can flourish as these steels are required in all industries i.e. in machines, manufacturing, infrastructure or any other industrial works.
The KCCI further said that all of the steels imported goes into industry for further processing, if the duty / tariff is reduced, the industry’s cost will lower down, thus benefiting the industry and all the related industries involved in the chain.