Islamabad: Steel producers in the country on Sunday called on the government to rectify anomalies concerning the steel sector in the federal budget 2020-21, a news source reported. They specifically noted that the executive’s current stance on allowing the import of billets negated its ‘Made in Pakistan’ policy.
To this effect, the Pakistan Association of Large Steel Producers (PALSP) indicated that there were only three to four manufacturers in the country for producing wire rods with billets. They added that the import policy would hurt the existing construction bars manufacturers, shut down steel billets manufacturing in the country, reduce local revenues, negatively impact foreign exchange of Pakistan, and negate the ‘Made in Pakistan’ policy.
In other anomalies for rectification, the steel producers indicated the following:
- Bring customs duty on heavy meltable scrap to zero
- Reduction in duties on billets for wire rod manufacturers
- Equate cost of all three materials used for producing construction bars
- Exempting steel sector from section 8b of the Sales Tax Act 1990
- Amendment in section 27a of the Customs Act to discourage mutilation of prime steel products
- Amendment in PCT Code 9917 so that local materials meet international standards for being used in local mega projects