The Lahore Chamber of Commerce and Industry (LCCI) has demanded of the Federal Board of Revenue (FBR) to lower the custom duty on new auto parts from 35 percent to 10 percent which would help get rid of smuggling of auto parts and would also increase the government's revenue.
The demand was made by LCCI Vice President Muhammad Nasir Hameed Khan at the meeting of Standing Committee on Auto Parts (New) here at the Lahore Chamber of Commerce and Industry.
The meeting was also attended and addressed by Shahid Hussain, Ahmed Qasim Khan, Hamza Farooq, Abdul Jabbar, Asad Ijaz Sheikh, Shahid Reza, Habib Ahmed, Waqar Hussain, SA Majeed, Saleem Ullah and Mian Abrar Hassan.
On the occasion, issues of high customs valuation, misuse of discretionary powers by the customs officials and smuggling also came under discussion.
Muhammad Nasir Hameed Khan said that duty on smuggle-prone items should be fixed between 5 to 10 percent for importers. He said duties should be decreased on auto parts rather than valuation.
He also called for rationalisation of taxes and duties. He invited the LCCI members to forward their budget proposals at the earliest.
Participants of the meeting also discussed auto policy, Automechanica Fair in Birmingham being held in the second week of June, 2017, and various issues being faced by the auto parts sector.