Next budget: government to cut import duty on industrial machinery: Dastgir

Engr Khurram Dastgir, Federal Minister for Commerce, has said the government would reduce import duty on industrial machinery in the next budget and offer zero-rating facility for export inputs to facilitate the private sector in upgradation of technology and machinery.
He said this while interacting with a delegation of Islamabad Chamber of Commerce and Industry (ICCI) led by Khalid Iqbal Malik, President called on him. Director General (Trade Policy) and Director General (Trade Organisations) of Ministry of Commerce were also present on the occasion.
Khurram Dastgir said that business community should work with confidence to promote exports with EU under GSP Plus regime as there was no danger to this facility and all rumours about its cancellation were baseless. He said rather efforts were afoot with EU to extend concession up to December 31, 2023 for the benefit of private sector. He said that protective regime was not a wise approach in this competitive age and business community should support government's trade liberalisation efforts.
He said the government was negotiating FTA with EU so that business community could enjoy concessionary market access to EU on expiry of GSP Plus facility. He said negotiations for FTA with Thailand were at advanced stage while South Korea would be next target for FTA. He said these FTAs would help private sector in promoting trade and exports and becoming more competitive by importing latest technology and machinery on zero or low tariffs. He assured the delegation that their issues would be given due consideration. He said the government was ready to provide support to pharmaceutical industry in financing, branding and registration matters.
Speaking at the occasion, Khalid Iqbal Malik, President, Islamabad Chamber of Commerce and Industry said that private sector badly needed to upgrade its industrial machinery for effective participation in CPEC and other projects, but overall 26 per cent import duty on machinery was major hurdle in these pursuits. He said the government should minimise import duty on machinery that would help in producing better quality products and improving country's trade and exports.
The delegation members said that construction sector was playing an important role in creating jobs and supporting many allied industries, but high taxes on property have badly damaged the construction and real estate sectors. They stressed that the government should reduce high taxes on property and exempt it from 2 per cent advance tax in order to ease its problems. They said lengthy registration process of medicines was creating problems in promoting exports of pharma products and the government should streamline this difficult process.
Tahir Ayub Vice President ICCI, Khalid Javed, Tariq Sadiq, Zubair Ahmed Malik, Mian Akram Farid, Mian Shaukat Masud, M. Ejaz Abbasi, Zafar Bakhtawari, Zahid Maqbool, Nasir Qureshi, Amir Waheed, M. Ashfaq Chatha, Khalid Chaudhry, Muhammad Hussain and Nadeem Mansoor were in the ICCI delegation.-PR