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Additional customs duty on auto sector imports cut to 2pc

  • Decision taken after recommendation of tariff board for the promotion of local production of auto sector
Updated 15 Sep, 2021

Islamabad: The federal cabinet has decided to reduce additional customs duty (ACD) on imports of auto sector goods from seven percent to two percent for the promotion of local production of auto industry and remove the hurdle being faced by the sector.

This was stated by Minister for Information and Broadcasting Fawad Chaudhry about the decisions taken by the federal cabinet presided over by Prime Minister Imran Khan on Tuesday.

The minister spoke about the Cabinet decisions in a televised address on the state-owned PTV. Fawad said that on the recommendation of tariff board for the promotion of local production of auto sector, ACD on import of auto sector be reduced to two percent from seven percent.

Additionally, he said that rate of ACD on heavy commercial vehicles should also be reduced from seven percent to two percent.

He further said that the investigation into the hacking of the FBR website has been completed, which revealed that most of the FBR’s data was protected and the cabinet meeting was told that there were one million cyber-attacks on Pakistani websites this year.

The minister said that the government was hiring a data protection company which would improve the security of the FBR data.

Pakistan targets automobile production of 300,000 in FY22

The government decided to auction 5G licences next year.

The minister said only one telecom company participated in the bidding process of spectrum and that is why the government has decided to auction 5G licences next year to attract more telecom companies.

The minister said that in 2016 and 2017 also one company Telenor and JAZZ participated respectively.

The minister said that the prime minister directed to ensure that all the far-flung and less-developed areas get better telecommunication facilities.

The prime minister also expressed his displeasure on the delay in wheat imports.

The premier wanted wheat import at the earliest to bring its prices down, Chaudhry said.

The prime minister asked the provinces including Punjab to take steps for the release of wheat stocks, he added.

Auto industry to get more breathing space

The information minister said that the meeting was informed that flour prices would gradually come down in the wake of issuance of wheat release.

The meeting was also given a briefing on criminal justice reforms; he said, adding that the government wanted to ensure that justice is provided in a much easier way.

Minister for Law Farogh Naseem gave a detailed briefing to the meeting about the proposed criminal law reforms.

These reforms will change the entire system of criminal justice and address matters relating to delay in trials and registration of FIRs, he said.

The minister said that improving the justice system is on the agenda of Prime Minister Imran Khan and now the proposed changes in the criminal law would be discussed in the Cabinet Committee on Law.

The cabinet rejected the proposal to give 10 percent ad hoc relief in basic salaries to the chairman Senate, the deputy chairman Senate, the speaker National Assembly, the deputy speaker and other parliamentarians.

The decision was taken in line with the government’s austerity drive.

He said the government has decided to establish the Quaid-e-Azam Foundation.

Copyright Business Recorder, 2021

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