Prime Minister Shehbaz Sharif on Friday unveiled major tariff reforms, announcing that customs duty would be capped at a maximum of 15% and that additional customs and regulatory duties would be phased out in the next four to five years.
The prime minister, who chaired a meeting on National Tariff Policy, took this historic step by approving a gradual but significant reduction in import tariffs.
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“This move is being considered a major milestone toward economic improvement that will enable export-led growth. This decision is expected not only to help control unemployment but also to keep inflation in check. Besides, it will also encourage international investment, help create new job opportunities,” according to a PM Office press release.
The prime minister directed that Additional Customs Duty (currently ranging from 2% to 7%) and Regulatory Duty (currently varying from 5% to 90%) be eliminated over the next four to five years.
