Scrape of regulatory duty on auto parts demanded
April 28th, 2015 | Technology Times | No Comments
STAFF REPORT LHR: Pakistan Association of Auto Parts Manufacturers (PAAPAM) Chairman M Siddique Misri has criticised the imposition of regulatory duty on auto parts manufacturers and termed it totally unfair and unjustified.
In a statement, he said they are not only manufacturers, but these items are also being imported by them as raw materials.
The Ministry of Finance has imposed 12.5 per cent regulatory duty on the import of tubes, pipes and hollow profiles, of cast iron, tubes, pipes and hollow profiles of iron or steel and flat rolled products of iron or non-alloy steel with with the objective of protecting the local steel industry.
He said that large re-rolling steel mills have been totally exempted from the regulatory duty.
The above items are imported by APMs under SRO 655 (I) /2006, as these are “not manufactured in Pakistan”; this fact has been fully verified and certified by MOIs Engineering Development Board, for each individual APM firm and imports there against are perpetually monitored by the Customs WeBOC system.
PAAPAM Senior Vice Chairman Mumshad Ali said the local auto part manufacturers will suffer huge losses due to this levy.
The PAAPAM members urged the Federal Board of Revenue to remove this anomaly and demanded exemption to all APMs from this levy.
Published in: Volume 06 Issue 14
Short Link: https://www.technologytimes.pk/?p=13143