Friday, 01 June 2012 20:00
ISLAMABAD: Minister for Finance Dr Abdul Hafeez Shaikh said on Friday that the government wanted to abolish Federal Excise Duty in next two years, stabilize prices and give incentives to business community.
"Last year, we had abolished Federal Excise Duty on 15 items besides reducing its rates on several items. To continue the reforms, it has been proposed to abolish duty on ten more items including, base lube oil, lubricating oil, filter rods and skin care product," he said in his budget speech.
He said there were bright chances for the dairy industry to flourish in the country and hence for its development it had been decided to bring an end on Federal Excise Duty on livestock insurance.
Copyright APP (Associated Press of Pakistan), 2012