‘ECC likely to approve reduction in duties for chemical, mineral sectors’

Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood said on Friday the National Tariff Policy (NTP) Board has decided to reduce additional customs duties (ACD) and regulatory duties (RD) on another 150 tariff lines.

“The National Tariff Policy (NTP) Board met yesterday in which the next round of reduction in ACDs and RDs on another 150 lines of items, in the chemicals and minerals sector, was proposed,” the adviser said on his official twitter account.

He added that the commerce ministry is hopeful that this second round of reduction, since July 2020, will be approved by the Economic Coordination Committee of the Cabinet (ECC) in the month of October 2020.

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“After this [approval by ECC], the sectors of engineering and food processing will be examined and any areas with glaring anomalies, where raw materials have been wrongly classified, will be reviewed,” the adviser said, adding that the board [during the meeting] also looked at the complete tax chain of the plastic sector.

He requested all plastic-related businesses to come forward with their suggestions, as “this is a very important line for our 3-year roadmap of tariff rationalization”.

Dawood said that in pursuance of the objectives of National Tariff Policy 2019-24, meetings of the TPB are being held on a regular basis. Prior to this policy, proposals regarding tariff rationalizations were mostly discussed at the time of budget exercise, he added.

He further stated that as per the vision of the prime minister, tariffs are being used as instruments of trade policy so that the manufacturing sector in Pakistan could be strengthened.

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