The Pakistan steel industry has called on the government to create a comprehensive and clear written policy, specifically addressing tax rates, in order to ensure smooth operations for the sector.Â
This request was made during a meeting with the Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan, by a delegation from the Pakistan Association of Large Steel Producers (PALSP) on Friday.
The delegation expressed concerns over what they described as discriminatory policies that are threatening the stability of the steel industry. They emphasized the need for a well-defined policy framework that includes the rates of all applicable taxes, which they believe would help the industry operate smoothly.
During the meeting, SAPM Haroon Akhtar Khan acknowledged the issues raised by the steel manufacturers, particularly regarding tariffs, and reassured them that the government is actively working to support the sector. While the manufacturers urged the government to reduce import tariffs on finished steel goods, Khan clarified that the current downturn in the industry is not due to regulatory duties or government-imposed barriers. Instead, he explained that the decline is a result of reduced demand in the market.
Haroon Akhtar Khan emphasized that the government is committed to supporting the steel industry and is working in line with the Prime Minister’s vision to reform the tariff policy. He highlighted ongoing efforts to balance tariffs to provide fair protection to the sector.
The SAPM also assured the manufacturers that the government plans to gradually phase down additional customs duties and adjust regulatory duties over time. He emphasized that the government is continually refining its policies to ensure the steel industry receives the necessary support.
In conclusion, Haroon Akhtar Khan reaffirmed the government’s commitment to both balancing the national budget and providing relief to industries like steel. He assured the steel manufacturers that solutions are being developed and that the government would continue engaging with them to address their concerns.
