5 years National Tarrifs Policy finalised by federal government

5 years National Tarrifs Policy finalised by federal government

ISLAMABAD - Federal government has prepared a five year policy for National Tarrifs, it has been revealed.

Advisor to Prime Minister on Commerce, Textile, and Industries Abdul Razak Dawood has announced that the government has finalized the five-year national tariff policy that focuses on limiting duties on raw material and machinery imports for export-oriented industries.

Dawood said that the government is planning to review certain taxes, regulatory and customs duties. Out of around 34 different taxes, the government is planning to reduce them to 12 or eight over the next few years, he said.

The PM advisor said that this move will enable the leadership to eliminate the main hurdle in the way of the ease of doing business. He said that he understands the challenges facing the business community in terms of tax slabs and tariff lines.

He made these comments while addressing the ‘Emerging Pakistan’ ceremony arranged by the Rawalpindi Chamber of Commerce and Industry (RCCI) at the Jinnah Convention Center. Dawood underlined that in its first 100 days, the government had started reforms in the Federal Board of Revenue (FBR) and transformed its functioning.