KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has asked the government to withdraw 15 per cent regulatory duty on import of steel billets.
ISLAMABAD: FPCCI President Mian Muhammad Adrees in a statement said that foundries and shipbreakers were enjoying subsidies of over Rs20 billion as sales tax on their sales was under the slab of 10pc.
He further said that reduction in international prices to the tune of 25pc has reduced the cost of raw material for steel re-rolling mills.
He said that steel re-rolling mills normally import steel billets as a raw material to manufacture good quality steel bars of grade 60 which is a normal requirement in the construction industry.
“Foundries also produce their own steel billets to produce their own finished steel bars of grade 60. However, this not being produce in sufficient quantity to match the demand of re-rolling mills,” the statement said.
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