ISLAMABAD: The National Assembly Committee on Industries and Production recommended on Monday that the sales tax duty on tractors might be reduced from 17 percent to 10 percent. The committee which was held here with Asad Umar, Member of National Assembly in the chair discussed the report of Sub-Committee in detail and passed with some minor changes that the sales tax duty on tractor which is 17 percent may be reduced up to 10 percent.
The agenda of the meeting was to discuss on the report of Sub-Committee constituted to probe into the matter of decrease of tariff on automotive and its relevant items used in automotive industry.
The committee further recommended that used tractors may not allowed to import because tractor capital cost is very low but operational cost is very high and comparative duty Tariff statement of Iran. Thailand, Malaysia and SAARC countries be provided.
It also said that duty on parts may be reduced from 5,10 and 20 percent to 5, 7.5 and 10 percent with five years adjustment.
Reduced CKD import duty from 32.5 percent to 20 percent. Five years old tractors should be allowed to import instead of three years.
The committee was attended by its members Qasier Ahmad Sheik, Sahibzada Muhammad Nazeer Sultan, Syed Imran Ahmad Shah, Mian Abdul Mannan, Sajida Begum and Iftikhar ud-Din.
KARACHI: Local bourse continued its upward momentum in outgoing week as landmark visit of Chinese ...