Lahore Chamber of Commerce and Industries (LCCI) has welcomed the federal government's decision to slash rate of the custom duty on import of re-rollable scrap from 25 percent to 10 percent.
During Executive Committee meeting of the LCCI here on Thursday, it was noted with great satisfaction that the government was alive to the problems being faced by the industry and through such a step the price of steel products would decrease.
The committee, however, expressed reservation that this reduction might not meet desired results of arresting the price hike of steel products in the market.
The LCCI President, Mian Anjum Nisar suggested that the government should take more steps to set industrial wheels in motion.
He urged upon the government to eliminate current levy of three-percent withholding tax on import of ships for scraping and six-percent Withholding Tax on import of other raw materials and intermediary products, to give substantial boost to the engineering sectors.