5-year Tariff Policy being prepared to promote local industry

February 12, 2019: The government is in process of preparing a five-year Tariff Policy to ensure competitiveness of local industry and sustainability of tariff structure.

The basic objective is to give incentives to Pakistan's manufacturing industry to compete in international market, increase exports and create jobs.

Engineering Development Board (EDB), working under Ministry of Industries and Production is implementing concessionary SROs under Tariff Policy to reduce upfront cost and promote local industry.

In this regard, EDB has taken some steps and these include Duty and Tax Remission Scheme (DTRS) in which exporters are allowed for import and local procurement of inputs without payment of customs duty, excise duty, sales tax and withholding tax.

Similarly, under Auto Development Policy 2016-21 incentives have been offered in import duties for new investors for makes not already being assembled/manufactured in Pakistan and for revival of closed units.

The relevant Ministry has established various Export Processing Zones (EPZs) with mandate to plan develop and operate EPZs in Pakistan.

In addition, some steps were also taken to enhance exports of engineering industry of the country and these include EDB ensuring local engineering industry's participation in Hannover trade fair with a view to showcase itself as an industrial location and to integrate these industries with global supply chain, aiming to enhance exports.

The EDB also organized engineering sector participation at Hannover Messe – Germany where a total of 32 companies exhibited their products.

In Hannover Messe, a total of 33 exhibitors showcased their products.

The EDB also supports local industry through international organizations to provide free assistance in technical/non-technical issues, aiming to enhance the competence and exportability of engineering sector.

Posted on: 2019-02-12T15:45:00+05:00