Jun 24, 2022
Pakistan to impose 10 percent additional duty on steel industry
2022-07-05
Shahbaz Sharif, prime minister of Pakistan, has announced that his government will impose a 10 percent additional duty on large-scale industries including, oil, fertilizer, steel, sugar, automobile and textile.
The decision was taken aiming to lower the burden of rising prices on the public due to high inflation, and to revive the collapsed economy. The collected duty will be used for health, education and information technology projects, SteelOrbis understands.
The 10 percent additional duty on the steel industry will have a negative impact, raising costs, sources told SteelOrbis.
“The economy is nosediving and such a measure at this time will reverse the industrialization momentum that Pakistan Tehreek-e-Insaf generated,” Hammad Azhar, former finance minister, said, adding that the industries are already facing higher costs amid rising energy and commodity prices. He stated that the higher costs will be passed on to customers, raising prices for the public.
Source: Steel Orbis
