Duties, taxes on import of steel scrap slashed
Duties, taxes on import of steel scrap slashed

ISLAMABAD: Federal government has decided to slash duties and taxes on import of steel scrap aimed at extending support to construction industry, well informed sources told Business Recorder.

The price of steel has increased to Rs 180, 000 per ton due to which government’s housing scheme is in jeopardy.

The government want that prices should come down to Rs 150,000 per ton

According to sources, government is working on reduction of Regulatory Duty and additional customs duty on steel by up to 10 percent, in addition to reduction in sales tax.

The sources said industry has assured government that it will pass all the relief to the consumers.

Government has claimed that it has already slashed ST on steel from17% to 14%. A couple of days ago, the Government had abolished further tax which was imposed inadvertently. It was an anomaly which government has rectified, Industry has benefitted from it. Government is trying to give impression that it has given relief to the industry which is not correct. On reduction in turnover tax, industry says, it will benefit to the government in documentation. Reduction in sales tax on meltable scrap will also not have any advantage to the industry.

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