The Pakistani government's Federal Board of Revenue (FBR) has announced that the country’s Economic Coordination Committee (ECC) has approved the FBR’s proposal to impose 15 percent additional regulatory duty on imports of finished iron and steel products until June 30, 2016.
Accordingly, with the additional duty, the import duty for steel bars and wire rod will increase to 30 percent, the import duty for hot rolled coil (HRC) will rise to 27.5 percent, and the import duty for cold rolled coil (CRC) and hot dip galvanized (HDG) sheet will reach 20 percent, while the duty for billet imports will remain at 15 percent.
Meanwhile, in January last year the ECC imposed a 15 percent import duty on steel billets, steel bars and wire rods, and five percent import duty on cold rolled coils and galvanized sheets.