ISLAMABAD: Federal Board of Revenue (FBR) has been urged to reduce customs duty to zero to 3 percent on those imported goods, which are not manufactured locally.
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in its budget proposals for 2017/2018 said that the duty on primary raw materials, secondary raw materials, intermediate goods, semi-finished goods and finished goods should be levied on the basis of cascading duty structure.
It is proposed that the customs duty on all basic industrial raw materials, not produced locally, should be subject to0 percent to 3 percent.
Locally manufactured raw materials should be reasonably protected according to the cascading principle.
The import of finished products should attract maximum slab of customs duty of 20 percent and at least 11 percent effective protection rate should be available to the local industry against the imported finished product and for this purpose regulatory duty at 5 percent to 10 percent, where necessary, be levied.
The customs duty on raw materials which are locally produced, should be 11 percent to 16 percent.
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