Business Recorder
The government has decided to reduce customs duties on specialised vehicles and machinery to promote the construction sector. Moreover, to provide facilities for the pharmaceutical sector, customs duty will be eliminated on raw materials, especially those used in cancer medicines. The development came during a review meeting chaired by Prime Minister Shehbaz Sharif on the overall development of the national economy and implementation of the National Tariff Policy on Wednesday. Addressing the meeting, the prime minister said that achieving export-based development goals is our top priority. The active and transparent performance of the National Tariff Commission (NTC) is essential for promoting the country’s industry, trade, and investment. He said that the NTC should play its active role in the facilitation of investors and industrialists. The PM further said that innovation should be brought to the NTC by adopting the best global practices and modern technology prevailing in the world, including information technology and artificial intelligence. A briefing was given in the meeting regarding the implementation of the National Tariff Policy 2025-30. The briefing stated that under the National Tariff Policy 2025-30, tariffs will be gradually reduced for various sectors, the objective of which is to achieve export-based economic growth targets. For the development and promotion of the logistics sector, duties imposed on reefers, containers and semi-trailers will be eliminated. The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Minister for Law and Justice Azam Nazeer Tarar, Federal Minister for Climate Change Musadik Malik, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Finance and Revenue Muhammad Aurangzeb, Minister for Petroleum Ali Pervaiz Malik, Minister of State for Finance and Railways Bilal Azhar Kayani, Special Assistant to the Prime Minister Haroon Akhtar, and relevant senior government officials.
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