Lasbela Chamber of Commerce and Industry's (LCCI) president Yakoob H. Karim has demanded of the government to withdraw regulatory duty on the import of industrial inputs which did not fall under the category of luxury items. He demanded of the Federal Bureau of Revenue (FBR) to immediately withdraw 5 per cent regulatory duty on flat-rolled products which come under the harmonised code 7210.
Accusing the FBR of imposing 5pc regulatory duty without examining the HS Code, Karim regretted that some iron and steel products which are neither manufactured in Pakistan nor fall under the category of luxury items, have also been included in the list of items on which regulatory duty has been levied.
He further elaborated that flat-rolled products of iron (HS Code 7210) are not produced in Pakistan but are used as necessary raw materials in various sectors, besides being used for manufacturing crown and caps of bottles. Moreover, these products are also being massively used in pharmaceuticals, food, beverages, packaging and other industries, he added.
He feared that with the imposition of 5pc regulatory duty on flat-rolled products, the industrial cost would increase by 15 to 20 per cent. LCCI chief said that FBR has recently issued SRO 121(1) whereby 5pc regulatory duty has been levied on flat-rolled products of iron or non-alloy steel. Pointing out that the FPCCI has also criticised the imposition of regulatory duty on the raw material used to produce crown and bottle caps, he demanded of the FBR to immediately withdraw the same.