MoI & EDB supports Planning Commission to cut down maximum tariff to 25% – Alfalah Securities Limited

Karachi: The Ministry of Industries and the Engineering Development Board (EDB) have supported the Planning Commission (PC) to cut down general maximum tariff rate from 35% to 25% on approximately 400 items.

According to Alfalah Securities Limited, the tariff structure of 400 items was raised in 2008 in order to discourage their import being luxury items. However, keeping in view the prevailing economic scenario it has been decided that the maximum tariff rate would be reduced to 25% from 35% while there would be six tariff slabs constituting of 0%, 5%, 10%, 15%, 20% and 25%. Whereas, the reduction in tariff rates and slabs of auto sector would be also be considered by the Planning Commission after recommendations from the Ministry of Industries.