Islamabad: The federal cabinet has provided its approval to Pakistan’s first-ever ‘National Tariff Policy’ (NTP) aimed at reorienting the country’s tariff setting from revenue generation to trade promotion (exports in particular) – according to news sources.
This approval was given during a cabinet meeting on Tuesday, with Prime Minister (PM) Imran Khan in the chair. The PM issued directions to the commerce division to initiate the policy implementation following budget 2021 announcement.
As per reports, a special cell would be constituted under the commerce division and it will be empowered to charge tariffs and impose regulatory duties.
Policy implementation will be completed through a Tariff Policy Board (TPB) with Commerce Minister/ Adviser in the chair. The members of the board will include Minister of Industries & Production, Secretaries of Finance, Commerce and Revenue, Board of Investment, Chairman Federal Board of Revenue (FBR) and National Tariff Commission.
A Tariff Policy Centre (TPC) will be created at Commerce Ministry to serve as TPB secretariat. This facility will redirect the priorities of the trade sector and enhance competitiveness by granting duty-free access to imported raw materials as well as promote investment activity within the country.