Auto parts: LCCI for reduction in customs duty

LAHORE: The Federal Board of Revenue (FBR) should lower customs duty on new auto parts from 35% to 10%, which will not only help in curbing smuggling but will also increase government’s revenue.

This was the demand made by Lahore Chamber of Commerce and Industry (LCCI) Vice President Muhammad Nasir Hameed Khan at a meeting of the Standing Committee on Auto Parts. On the occasion, issues of high customs valuation, misuse of discretionary powers by customs officials and smuggling came under discussion.

Khan said the duty on smuggling-prone items should be fixed between 5% and 10% for the importers. He said duties on auto parts should be reduced rather than valuation and called for rationalisation of taxes and duties.

He invited the LCCI members to present their budget proposals at the earliest.

Published in The Express Tribune, January 27^th, 2017.

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