TPB Reviews Incentives Given To Industry In Finance Act, 2020

ISLAMABAD, (UrduPoint / Pakistan Point News - 6th Aug, 2020 ) :The Tariff Policy board (TPB) on Thursday reviewed the incentives given to the industry in the Finance Act, 2020 for enhancing the trade volume of the country.

The 14th meeting of the Tariff Policy Board (TPB) was held here today, in the Committee Room of the Ministry of Commerce, under the Chairmanship of the Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, said a press release issued by Ministry of Commerce here.

The meeting was attended by the Secretary, Ministry of Commerce, the Chairperson, National Tariff Commission (NTC), Member Customs Operation, Federal Board of Revenue (FBR), and Additional Secretary, Ministry of Industries and Production and other senior officials of the concerned ministries.

The Advisor stated that positive impact of the tariff rationalization is being reflected in the enhanced industrial activity as well as export performance.

He further stated that tariff rationalization is a complicated exercise and it would take time to implement National Tariff Policy 2019-24.

He added that a three years plan for tariff rationalization, after analyzing the value chain of the priority sectors, should be finalized as early as possible.

Keeping in view the importance of Textile Sector for Pakistan, the members of the Board emphasized that tariff structure of the Textile Sector should be rationalized and duties on raw material, used by the textile sector, might be reduced.

It was decided by the Board that the Tariff Policy Centre would conduct detailed study on tariff structure of the textile sector and recommendations of the study would be placed before the Board for its decision.

The Ministry of Commerce, in consultation with the Tariff Policy Centre, presented a future roadmap of tariff rationalization before the Board for consideration and feedback.

The Board also discussed different proposals, received from different sectors, regarding tariff rationalization.

At the end of the meeting, the Advisor underscored that tariff related measures should promote equitable development and competitiveness of the local industry, resulting in growth of our export-led "Make in Pakistan" growth.

The Board ensured that all out efforts would be made to provide maximum benefits to the industry so that economy of the country could be revitalized at this difficult juncture.