An important meeting of the Tariff Policy Board (TPB) would be held on Thursday (today) at the Ministry of Commerce on tariff rationalization of hundreds of items in view of budget proposals of the Ministry of Industries and Production, Federal Board of Revenue (FBR) and National Tariff Commission (NTC).
Sources in the Ministry of Commerce told ProPakistani that the said meeting of the Tariff Policy Board is part of the overall budget exercise for changes in the import tariffs from 2022-23. The senior officials of the NTC, FBR, and Ministry of Industries and Production would submit their budget proposals to the TPB.
The decision of the TPB would bring more clarity to the recommendations/decisions as suggested by the stakeholders.
The meeting would also consider the removal/imposition of duties on different items of major sectors including auto.
The National Tariff Policy 2019-24 (NTP) stipulates that all proposals for levy, amendment, or removal of tariffs shall be examined at the Tariff Policy Centre and, after approval by the Tariff Policy Board, shall be submitted to the Cabinet or Parliament, as the case may be, for consideration.
Moreover, the TPB will also consider the recommendations of the Tariff Policy Centre (National Tariff Commission).
In view of this, the Commerce Ministry will propose changes regarding the imposition/removal of regulatory duties (RDs) on several items in line with the decisions of the TPB.