Within the scope of its budget for the fiscal year 2020-21 announced on June 12, Pakistan’s government is aiming to offset the impact of the coronavirus on business activities. In particular, it has decided to reduce the regulatory duty on hot rolled coil (HRC) imports, SteelOrbis has learned.
According to the notification, the regulatory duty for HRC under HS codes 7208 and 7225, 7226 will be cut from 12.5 percent and 17.5 percent to six percent and 11 percent, respectively. The regulatory duty in Pakistan is applied to the imports of HRC regardless of the origin of the material but with some exceptions for re-rollers who are exempted from regulatory duty in the case of non-alloy HRC imports. Regulatory duty is paid in addition to the customs duty, the rate of which is 12 percent in case of non-alloy HRC imports and seven percent for alloy HRC imports, while for ex-China material it is seven percent and two percent, respectively, in accordance to the free trade agreement (FTA) with China.