ISLAMABAD: The Mini­stry of Commerce on Friday announced the latest round of tariff rationalisation for further stimulating industrial growth in the country.

The ministry said the focus of tariff rationalisation would be on sectors like iron & steel, auto, packaging material, agriculture, footwear, plastics, etc. An official announcement reques­ted business and industry sectors to send their proposals to the National Tariff Commission (NTC) so that these can be included in the final package.

Commerce Adviser Razak Dawood said the ministry would continue its policy to consult stakeholders before taking significant decisions.

The government established the Tariff Policy Cen­tre (TPC) — led by chairperson National Tariff Commi­ssion — in the year 2019 and shifted tariff policy-setting powers from the Federal Board of Revenue (FBR) to the Tariff Policy Board (TPB) which is led by the commerce adviser. The TPC proposed tariff reduction on products which was approved by the TPB.

Published in Dawn, September 4th, 2021