At a high-level meeting on the National Tariff Policy on Friday, Prime Minister Shehbaz Sharif gave the order to gradually remove additional regulatory and customs duties over the course of the following four to five years.
Additionally, the government has chosen to set a 15 percent maximum customs duty. At the moment, several items have duties that are more than 100%.
Details indicate that there would only be four customs duty slabs, which should greatly simplify the legal complexity associated with imports.
By reducing import duties, the measures hope to encourage exports and draw in investment.
In order to guarantee that the policy changes are implemented on time, Prime Minister Shehbaz additionally announced the creation of an implementation committee.
The prime minister declared, “The government’s top priority is to improve Pakistan’s economy.” “We will do everything in our power to create a robust economy and eradicate inflation in a sustainable way.”
The action is a component of larger initiatives to boost industry competitiveness, promote economic growth, and guarantee long-term price stability nationwide.
