Abolition of RD on steel items proposed
KARACHI: Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has proposed abolition of Regulatory Duty (RD) imposed on steel items in coming budget 2017-18.
The proposal was tabled by Chairman Mashood Ali Khan & Senior Vice Chairman Saeed Iqbal Khan during meeting with Haroon Akhtar, advisor to PM on revenue at FBR headquarters on the other day.
Mashood said that they proposed Haroon Akhtar to abolish RD imposed on steel items which were used as raw material in auto sector; adding that presently around 30 per cent RD was being absorbed by the manufacturers who were already working on low profit.
Moreover, he said that issues relating to exemption certificates, import quota and sales tax adjustments and tax refunds and valuation of auto parts were also discussed during meeting.
He said that Haroon appeared positive during meeting and assuring PAAPAM delegation to address most of these issues in the upcoming budget; adding that he also apprised the delegation that FBR was working on to provide more incentives to the businessmen in next fiscal year.
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