KARACHI – The Lasbela Chamber of Commerce and Industry (LCCI) flayed the Federal Board Revenue (FBR) for slapping 5pc regulatory duty on flat-rolled products which has increased the industrial cost by 15 to 20pc, and disclosed that flat-rolled products of iron under HS Code 7210 are not being produced in Pakistan while these are used by many industries.
LCCI President Yakoob H Karim said that the FBR had been imposing regulatory duties without examining the HS Codes of items. Normally, the regulatory duty is imposed to discourage import of luxury and finished goods to protect the domestic industry. Citing an example, the LCCI chief said that some iron and steel products, which are not being manufactured in the country, have been subjected to regulatory duty.
These projects are also used to manufacture crown and caps of bottles which are massively used in food, beverages, packaging and other industries. He urged the FBR to withdraw 5pc regulatory duty on import of flat-rolled products.
