Latest news with #EngineeringDevelopmentBoard
Express Tribune
7 days ago
- Business
- Express Tribune
Govt eyes mobile policy, exports
Listen to article Special Assistant to the Prime Minister, Haroon Akhtar Khan, conducted a Zoom meeting with Amir Allahwala, CEO of Transsion Techno, and representatives of the Engineering Development Board to discuss the Mobile Phone Device Policy. According to a statement released on Friday, the meeting focused on key issues including the mobile phone device policy, challenges related to tariff duties, mobile phone exports, as well as the market for used cars and used mobile phones. The discussion also covered technological innovation. As per the statement, Khan highlighted that 38 mobile phone companies in Pakistan have created 40,000 jobs, underscoring the significant potential of the mobile phone industry to export products globally. He emphasised that under the directives of the prime minister, the government's priority is to promote the industrial sector. Incentivising the industry and increasing exports remain top priorities.
Express Tribune
28-05-2025
- Business
- Express Tribune
Ceramic tiles industry demands more protection
Listen to article Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan held a meeting with the All Pakistan Ceramic Tiles Manufacturers Association, which was attended by representatives from 10 leading Pakistani manufacturers and four Chinese firms, who discussed opportunities for collaboration and growth. Key issues that came up for discussion included tariff policy, customs duty, export and import regulations and the need for tariff protection, said a statement issued by the Ministry of Industries. While appreciating the vital role of the ceramic tiles industry in industrial development, Khan stressed that he was fully aware of the challenges faced by them and would advocate for their cause. He told them to submit a detailed report outlining the specific reasons as to why heightened tariff protection was essential for the industry. The PM aide announced the formation of a joint committee comprising members of the tiles manufacturers association and officials of the Engineering Development Board. The committee will present a progress report by Thursday. "The administration under Prime Minister Shehbaz Sharif remains committed to supporting and revitalising Pakistan's industrial sector. We are actively advocating for industries at the National Tariff Policy Board to ensure their concerns are addressed," he remarked. He reiterated his vision to see Pakistani manufacturers become regionally competitive, adding that no industry would be allowed to shut down. "Revival of industries is our vision and we are formulating long-term policies to ensure sustainable growth." In a separate meeting with Federal Minister for Finance Muhammad Aurangzeb, a delegation of the All Pakistan Ceramic Tiles Manufacturers Association, led by Orient Ceramica Executive Director Abdul Rehman Talat, shared that the current installed tiles manufacturing capacity in Pakistan stood at 560,000 square metres per day, backed by an investment of over Rs100 billion, of which nearly 60% came from China.
Business Recorder
21-05-2025
- Business
- Business Recorder
LCCI opposes proposed changes under National Tariff Policy
LAHORE: President of Lahore Chamber of Commerce and Industry Mian Abuzar Shad has strongly opposed the proposed changes under the draft National Tariff Policy 2025–30 presented by the Engineering Development Board. Terming the measures as 'anti-industry,' the LCCI president warned that the new policy could have serious repercussions for Pakistan's industrial base, trade balance and economic sovereignty. The LCCI president said that while reforming the tariff regime is important, the current proposal is likely to increase Pakistan's reliance on imports, shifting the country further away from a manufacturing-driven economy. He said that by substantially lowering import duties and eliminating Additional Customs Duty (ACD), Regulatory Duty (RD), the government risks transforming Pakistan into an import-dependent economy. Mian Abuzar Shad further warned that lower tariffs will lead to a surge in imports, thereby putting immense pressure on the current account and foreign exchange reserves, which are already under stress. 'Pakistan cannot afford such a liberalisation at the cost of macroeconomic stability,' he emphasized. The LCCI also criticised the proposed tariff spread of 0% to 15% as too narrow to reflect the developmental needs of a diverse industrial landscape. 'Even globally competitive and specialized economies such as China maintain a much wider tariff spread to protect sensitive sectors. This narrow spread will blur the line between manufacturers and importers, discouraging local production,' said the LCCI president. The LCCI president also warned that these changes will result in revenue losses for the government while exacerbating the public debt burden. 'The expected drop in customs revenue will need to be compensated through indirect taxation or further borrowing, both of which will hurt the economy.' Pointing to the already high cost of doing business in Pakistan, the LCCI emphasised that this move will further deter industrial growth. 'Our industries are already burdened by high energy tariffs, inefficient labor markets and a complex tax regime. These tariff reductions could lead to shutdowns and job losses,' the president added. The LCCI urged the government to reconsider this premature rationalisation and engage in meaningful consultation with industry stakeholders to develop a tariff structure that supports both industrialisation and exports. Copyright Business Recorder, 2025
Business Recorder
20-05-2025
- Business
- Business Recorder
Budget 2025–26 to kick off first phase of National Tariff Policy 2025–30
The first phase of the government reduction plan to lower import duties under the National Tariff Policy 2025-30 will be implemented in the upcoming budget 2025-26 and will be fully implemented in five years, read a circular issued by the Engineering Development Board (EDB). 'The government has decided to substantially lower import duties under the National Tariff Policy 2025-30. The first phase of the reduction plan will be implemented in the budget 2025-26 and will be fully completed in five years,' read the circular, dated 17th May, 2025. It said that tariff slabs will be reduced from the existing five to four under the five-year plan, whereas the maximum slab rate will be set at 15% by reducing it from the current 20% over five years. 'According to the Prime Minister's directions, with a focused strategy of export-led growth, following tariff reforms shall be made an integral part of draft National Tariff Policy 2025- 30: 1. Elimination of additional customs duty (ACD) in 04 years, starting from this budget; 2. Elimination of regulatory duty (RD) in 5 years; 3. Phasing out of the 5th Schedule in 5 years; 4. Four customs duty slabs (0%, 5%, 10%, and 15%); and 5. Maximum customs duty at 15%,' read the document. As per the circular, currently, there are five slabs, i.e. 0%, 3%, 11%, 16% and 20%, and it has been decided to abolish the 3% slab and move tariff lines to either zero or 5%. 'The 11% slab will be lowered to 10%, and the current slab, 16%, will be reduced to 15% in the budget,' it said. Whereas, the slab of 20% rate will be abolished gradually. Meanwhile, the Fifth Schedule of the Customs Act, which deals with imports of capital goods and industrial raw materials, will be abolished in five years. The EDB urged all the stakeholders to examine the plan and give their input on how these changes will affect different industrial sectors, product lines, economic growth, and export performance. Last week, in a move aimed at revitalising Pakistan's struggling economy, Prime Minister Shehbaz Sharif unveiled a sweeping new tariff policy, capping customs duties at 15% and announcing the phase-out of additional and regulatory duties over the next four to five years. The announcement, made during a high-level meeting on the country's National Tariff Policy, chaired by the prime minister. 'This is a turning point,' said Sharif, describing the reforms as a crucial step in driving economic growth through a smarter, more equitable trade policy.
Express Tribune
08-04-2025
- Business
- Express Tribune
Industries ministry proposes super tax
Listen to article The Ministry of Industries has proposed the introduction of super tax in the upcoming budget for fiscal year 2025-26 to bring Pakistan's corporate tax structure on a par with regional standards. Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan floated the proposal during a high-level meeting on budget proposals. He gave directives for revising budget proposals as there was a need for tax reforms to uplift the industrial sector. In that regard, he proposed the introduction of super tax. Meeting participants discussed various key issues including the promotion of local manufacturing, import and export of raw material and the structure of customs duty, regulatory duty and additional customs duty. The Ministry of Industries proposed the imposition of 20% regulatory duty on LED lighting products. In line with Prime Minister Shehbaz Sharif's vision, the special assistant underscored the importance of creating a business-friendly environment to encourage investment in the industrial sector. He highlighted the need to support local industries and facilitate small and medium-scale enterprises (SMEs). Furthermore, Haroon Akhtar Khan instructed the departments concerned to identify and eliminate obstacles hindering industrial development to ensure sustainable economic growth in the country. The meeting was attended by Ministry of Industries and Production Secretary Saif Anjum, representatives from the Engineering Development Board and the Small and Medium Enterprises Development Authority.
