RD imposed on flat iron/steel products extended until Mar 31

ISLAMABAD: The Federal Board of Revenue (FBR) has extended for three months the currently imposed 10 percent and 5 percent Regulatory Duty (RD) on flat iron/steel products until March 31, 2025 to protect domestic steel industry.

In this regard, the FBR has issued an SRO.78(I)/2025 here on Monday.

According to the notification, five percent RD would be applicable, till March 31, 2025, on the import of cold rolled steel strips of thickness below 0.5mm and upto 100mm wide FIat- rolled products of iron or non-alloy steel, of a width of less than 600mm, clad, plated or coated.

Flat steel products: Govt likely to extend RD for 3 months

Ten percent RD would remain intact for a period of three months on the import of flat rolled products of iron or non-alloy steel, of a width of 600mm or more, cold rolled (cold reduced), not clad, plated or coated, FBR’s notification added.

Commerce Ministry, in its summary to the Economic Coordination Committee of the Cabinet (ECC) stated that as per Sub-Section 3 of section 18 of the Customs Act, 1969, the federal government is competent to take decisions regarding regulatory duties, proposing regulatory duties on relevant 36 iron & steel flat products, may be extended till March 31, 2025, as per recommendation of the Tariff Policy Board.

In the Finance Act 2024, on recommendation of Tariff Policy Board, regulatory duties were imposed on several products including the iron and steel flat products with sunset clause till December 31, 2024 to provide temporary protection to the industry.

Following the budget exercise for 2024-25, several requests from the industry have been received regarding extension of the RDs beyond December 31, 2024.

Thus, Tariff Policy Board recommended “to extend the currently imposed five percent and 10 percent RD on flat steel products (36 tariff lines) with sunset clause until March 31, 2025; and that the existing RD rates will be restored to their original position of zero percent RD and five percent RD on April 1, 2025”.

Copyright Business Recorder, 2025