Customs duty on alloy steel imports cut

Customs duty for local alloy steel manufacturers has been cut to a half to help the domestic industry run in a competitive way, official sources said.

The National Board of Revenue (NBR) has lowered the CD to 5.0 per cent from 10 per cent on import of alloy steel products, including flat-rolled products for alloy steel, zinc ingot and zinc alloy.

However, the existing 15 per cent Value Added Tax (VAT) and 5.0 per cent Advance Income Tax (AIT) on those imports will remain unchanged.

The NBR recently issued a Statutory Regulatory Order (SRO) giving the cut-in CD effect from February 23, 2015.

A senior official said, "Alloy steel manufacturers were facing uneven competition."

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