Govt to rationalise tariffs, phase out duties to support steel industry

ISLAMABAD: Special Assistant to the Prime Minister on Revenue Haroon Akhtar Khan on Friday assured the Pakistan Association of Large Steel Manufacturers that the government is committed to supporting the steel sector by reforming tariff policy and gradually phasing out additional customs and regulatory duties.

In a key meeting held to address steel industry’s concerns, Haroon Akhtar acknowledged the challenges faced by large steel manufacturers, particularly the impact of tariffs on competitiveness.

He reassured the manufacturers that the government is taking concrete steps to provide relief and facilitate the industry. “We are working under the Prime Minister’s vision to bring reforms in the tariff policy to rationalise tariffs and provide necessary protection to the steel industry,” said Haroon Akhtar.

The steel manufacturers highlighted their urgent demand for a reduction in import tariffs on finished steel goods.

In response, the PM’s aide clarified that the decline in industry performance is primarily due to reduced demand, not government-imposed obstacles. “The current decline in the industry is not due to regulatory duties or any other government-imposed obstacles, rather a result of a decrease in demand,” he explained. “We are continuously refining our framework to ensure that the steel industry receives the best possible support from the government.”

He further assured that the government is planning to phase down additional duties to ease the burden on the industry. “We are continuously refining our framework to ensure that the steel industry receives the best possible support from the government,” he added.