Pakistan to Reduce Some Import Taxes in Bid to Boost Growth (1)

June 7, 2021, 9:16 AM

Pakistan will cut taxes on imports of raw materials to spur manufacturing and overall economic growth, according to Prime Minister Imran Khan’s trade adviser.

Customs duties on input items needed by pharmaceutical, chemical, engineering and food processing industries will be reduced by 3% to 10%, Abdul Razzak Dawood, Khan’s adviser on commerce, said in an interview by telephone. That will help lower the import of finished goods, encourage local production and put the nation in a position to boost exports, he said.

“Pakistan had ridiculously high duties,” Dawood said. The objective is to put Pakistan on par with ...

To read the full article log in. To learn more about a subscription click here.