Mian Aftab Ahmed, President, Faisalabad Chamber of Commerce and Industry (FCCI), has welcomed the recent measures taken by the government to handle the steel crisis.
In a press statement, he said that cut in duties on raw material used in steel industry would not only ensure its availability but also help in controlling its prices in the domestic market.
He said that Prime Minister Mir Zafarullah Khan Jamali has actually fulfilled our demand by withdrawing 3 percent withholding tax on ship breaking industry. Similarly, withdrawal of 6 percent with holding tax on the import of other steel products and raw material will also have a salutary impact on the domestic steel industry.
He said that government has also reduced custom duty from 25 to 10 percent on re-roll back scrap which would not only help increase the steel production but also help local manufacturers to offset the ill impacts of the current crisis.