Levy of 20pc RD proposed
ABDUL RASHEED AZAD
ISLAMABAD: The Ministry of Industries and Production has proposed imposition of a 20 percent regulatory duty on light-emitting diode (LED) lighting products.
The suggestion was discussed during a high-level meeting held under the chairmanship of Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan.
The meeting was informed that the decision is being taken because our local industry is growing, and that the purpose of the imposition of the 20 per cent regulatory duty was to ensure protection of the local industry as it was not fulfilling the local requirements and it also has a huge export potential. The meeting was further informed that during the past few years, the local industry has even beaten the imported LED products in terms of quality and affordability.
The meeting reviewed budget proposals for the upcoming fiscal year concerning the industrial sector.
The meeting was attended by Secretary of the Ministry of Industries and Production SaifAnjum, representatives from the Engineering Development Board (EDB), and the Small and Medium Enterprises Development Authority (SMEDA).
The participants discussed various key issues including the promotion of local manufacturing, import and export of raw materials, and the structure of Customs Duties (CD), Regulatory Duties (RD), and Additional Customs Duties (ACD).
Haroon Akhtar Khan directed for revisions in the budget proposals, emphasising the need for tax reforms to uplift the industrial sector. He proposed the introduction of a super tax to bring Pakistan’s corporate tax structure at par with regional standards.
In line with the Prime Minister’s vision, the special assistant stressed the importance of creating a business-friendly environment to encourage investment in the industrial sector. He also highlighted the need to support local industries and facilitate small and medium enterprises (SMEs).
Furthermore, the SAPM instructed the concerned departments to identify and eliminate obstacles hindering industrial development to ensure sustainable economic growth in the country.
