ISLAMABAD, May 5: The National Tariff Commission (NTC) is considering a proposal to raise customs duty to 25 per cent from the existing 20 per cent on import of finished silicone sealants. An official announcement issued on Thursday said that NTC in this connection has sought views, suggestion and proposals from all parties having an interest in the imports, manufacturing and marketing of the products.
A public hearing was scheduled for May 14 at 11.00 am in the NTC, Islamabad, added the announcement. The Harris Silicones, the local manufacturer of silicone sealants, approached the NTC for reducing customs duty on the finished silicone sealants along with reduction in duty on import of raw materials including silopren 80, silopren 100, exonmobil plasticizer, cross linker, pigments, adhesion promoter, catalyst, fumed silica and cartridge harris 310 ml set.
They were of the opinion that finished silicone sealant was attracting lower rate of customs duty at 20 per cent while its raw materials were subject to higher rate of customs duty at 25 per cent.
The manufacturers further said finished silicone sealant in bulk as well as in retail packing was heavily under invoiced to save on import duties, general sales tax and advance withholding tax to sell the products cheaper thus creating hurdles for local industry as well as depriving the exchequer of millions of revenue annually.
