ISLAMABAD: Prime Minister Imran Khan has approved first-ever tariff policy recommended by the Ministry of Commerce devised after detailed consultation, ARY News reported on Wednesday.
The new policy formulated on basis of transparency is being termed as an effective tool to simplify existing tariff structure.
PM Imran Khan was briefed on the new tariff policy by the commerce secretary which will be presented before the federal cabinet after its formal approval. The premier was apprised that the policy was focused on gaining access to raw material and generation of employment.
The premier said the Commerce Ministry played important role in preparations of the comprehensive tariff policy that would restore the confidence of businesspersons in the country.
Read More: Govt prepares draft for ‘National Tariff Policy’
PM Khan said that national economy, trade and industrial sectors suffered huge loss following wrong policies in past.
The government had prepared draft for ‘National Tariff Policy’ to simplify existing tariff structure for enhancing economic activity with the focus on exports in April last year.
The policy has been drafted by Commerce Division and National Tariff Commission to facilitate local manufacturers, including Small and Medium Enterprises.
The draft National Tariff Policy recommends to gradually reduce duty on raw materials and machinery for export-oriented industries. The tariff slabs are proposed to be re-fixed at 5 per cent, 10 per cent, 15 per cent and 20 per cent.
The policy also suggests the elimination of difference in the rates of tariff for the commercial importers and the industrial users of raw materials, intermediate goods and machinery to reduce the cost of production for SMEs.
