LAHORE – The Lahore Chamber of Commerce and Industry (LCCI) said the decision of the Economic Coordination Committee (ECC) to impose 5 per cent regulatory duty on different products would put an extra burden of Rs16 to Rs20 billion on end-consumers.
LCCI Senior Vice-President Mian Nauman Kabir urged Finance Minister Ishaq Dar to review the decision. He said, “It is a mini budget. Reportedly, 5 per cent regulatory duty was a result of the federal government’s commitment to the International Monetary Fund (IMF) during the recently-completed sixth review under the $6.64bn Extended Fund Facility (EFF).”
He said that furnace oil, electric equipment, canned food and metal scrap were not luxury items as declared by the ECC. He added that a large part of electricity was being generated through thermal means and imposition of 5pc regulatory duty on furnace would not only jack-up the electricity tariff but would also further increase the cost of industrial production.
