ISLAMABAD, May 4: The Central Board of Revenue (CBR) has dropped the proposal to bring down the maximum rate from 25 per cent to 20 per cent in the next budget. An official in the CBR told Dawn on Wednesday that customs authorities had sent the proposals to various ministries for seeking their proposals, suggestion on the proposed move to further scale down the maximum import slab.
According to the official, some ministries and the local manufacturers have strongly opposed the customs department move. They were of the opinion that further reduction in duty would expose them to a tough competition and surge in cheaper imports from various countries.
