ISLAMABAD – Federal government has prepared a five year policy for NationalTarrifs, it has been revealed.
Advisor to Prime Minister on Commerce, Textile, and Industries Abdul RazakDawood has announced that the government has finalized the five-yearnational tariff policy that focuses on limiting duties on raw material andmachinery 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, thegovernment is planning to reduce them to 12 or eight over the next fewyears, he said.
The PM advisor said that this move will enable the leadership to eliminatethe main hurdle in the way of the ease of doing business. He said that heunderstands the challenges facing the business community in terms of taxslabs and tariff lines.
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He made these comments while addressing the ‘Emerging Pakistan’ ceremonyarranged by the Rawalpindi Chamber of Commerce and Industry (RCCI) at theJinnah Convention Center. Dawood underlined that in its first 100 days, thegovernment had started reforms in the Federal Board of Revenue (FBR) andtransformed its functioning.
