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Govt to reduce import tariff in next budget

04 June, 2006

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ISLAMABAD: Government is working to reduce the import tariff to zero rate, 10.5 percent and 15 percent in the next budget 2006-07 that will be announced on June 5," it is learnt. Sources said that Central Board of Revenue (CBR) is actively working to implement this scheme and trying to develop consensus in this regard and it is expected that the scheme will be incorporated in the next budget.

In the upcoming budget import tariff will be reduced to zero rate, 10.5 percent and 15 percent, he claimed.

We had sent the proposals on import tariff to commercial and industrial associations to solicit their opinion and have get favors in this regard, he pointed out adding that the concerned ministers and stakeholders were backing us in this regard. Sources said that the government was facilitating the traders, investors and committed to provide conducive environment in the country." This is one step towards that direction," they added.

They noted that high import tariff in Pakistan was a great hurdle to the investors and government was going under the constant process of tariff rationalization.

"This step will not only help check the smuggling of different items because of high import tariff but also encourage the traders to bring under the tax net," they added.

Sources said that government under this formula was considering the items that were imported and not manufactured locally.

"The government will only apply this formula on the items that are not manufactured locally and there is much need of those items in the country," they maintained.

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