LAHORE: Imposition of regulatory and anti-dumping duties on finished products has pushed up import of scraps in the first half of FY 2017-18.
Official sources told Customs Today that iron and steel within the metal group, steel imports rose by 16.8 percent on YoY basis to US$ 1.1 billion and a more pronounced increase was witnessed in the import of iron and steel scrap, which went up by 76.0 percent to US$ 777.3 million in first half of current Fiscal Year 2017-18.
The imposition of regulatory and anti-dumping duties on finished products, along with growing demand from construction and transport sectors, are the prime reasons behind elevated scrap imports, sources told.
On the other hand the commercial import of CBUs is allowed only under personal baggage, gift scheme and transfer of residence scheme, sources added as most motor cars are imported under the transfer of residence scheme, in October 2017, the government imposed mandatory requirement of paying duties and taxes in foreign currency through account of the sender of the car, they said adding that these mandatory requirements were withdrawn on 23rd February 2018.
