In the forthcoming budget, the government is considering lowering customs and regulatory duties on agricultural machinery.
Senator Zeeshan Khanzada presided over a Senate Standing Committee meeting where this was revealed. The National Tariff Policy 2019-24 was presented to the Senate.
The government intends to lower manufacturing costs, and taxes on argi machinery could be reduced. According to government sources, this is why the administration is considering lowering customs and regulatory fees.
Senator Abdul Qadir claimed that the price of iron rods increased by Rs. 120,000 per tone in a year as a result of the anti-dumping duty. Pakistan imports five to six million tones of iron rod each year, according to him.
Iron rods cost Rs. 225,000 per tone, according to the senator. According to him, imposing the anti-dumping tax rescued the factories but had a negative influence on the rest of the country.
The anti-dumping tariff on iron rods will be in place until September 2022, according to the Federal Secretary of Commerce. He also stated that 50% of the raw materials are tax-free.