RAWALPINDI: Rawalpindi Chamber of Commerce & Industry (RCCI) President Zahid Latif Khan, has urged government to review the recent imposition of Regulatory Duty (RD) on import of more than 700 items. Addressing a meeting of traders at Chamber premises.
He said that government must have done a consultation with the stakeholders, trade bodies and chamber of Commerce prior imposing RD. A 20 to 45 % RD has been imposed on Ceramics Tiles, Tyres and electronic goods will increase smuggling and under-invoicing. The local industry is unable to meet the growing demands and most of the items are not being manufactured here in the local market, he informed.
Anti-dumping duty was also increased up to 38%, this will further aggravated the situation for local industry. He said government claimed that RD was imposed on luxury goods, however, he added that certain surgical goods, medical gloves, diapers for senior citizens and chemical and raw material being used in medicines was also included in the luxury good. Imposition of this duty will not help Government to curb imports rather it will more widen the gap between imports and exports, he further added.
The RCCI president urged that government should reduce taxes on manufacturing inputs, take immediate measures to improve ease of doing business and lowering the production cost. Zahid Latif Khan said that the concerns have already been communicated to FBR Chairman and expressed hope that anomalies in taxes and duties will be removed as soon as possible.
RCCI chief also urged the FBR to hold meetings with stakeholders to avoid the adverse impact on consumer prices and cost of doing business for trade and industry.
He said rise in trade deficit pose one of the biggest challenges for the government, this can only be shortened once the key stakeholders will be involved in the trade related decisions.
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