LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has said that the decision of Economic Coordination Committee (ECC) to impose regulatory duty on various products will be an extra burden of Rs16 to Rs20 billion on end-consumers.
LCCI Senior Vice-President Mian Nauman Kabir urged Finance Minister Ishaq Dar to review the decision.
“It is a mini budget,” he said, adding, “Reportedly, 5 per cent regulatory duty was a result of the federal government’s commitment to the International Monetary Fund (IMF) during the recently-completed sixth review under the $6.64bn Extended Fund Facility (EFF).”
Kabir said that furnace oil, electric equipment, canned food and metal scrap were not luxury items as declared by the ECC.
He said that a large part of electricity was being generated through thermal means and imposition of 5pc regulatory duty on furnace would not only jack-up the electricity tariff but would also further increase the cost of industrial production.
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