ISLAMABAD: Prime Minister Sheh­baz Sharif has approved a reduction in duties on over 7,066 tariff lines, which include raw materials, intermediate and capital goods aimed at stimulating industrial growth in the country.

The premier green-lit the proposals for a formal announcement in the budget speech, which had received earlier approval from the Tariff Policy Board and Steering Committee. However, the premier asked that the implementation committee identify any irritants before the budget announcement.

Official sources told Dawn on Wed­­nesday that the government will announce the abolishing of 2 per cent additional customs duty (ACD) on 4,294 tariff lines in the upcoming budget. These are mostly raw materials, which will reduce the industries’ input cost.

It was also decided that the ACD will be reduced from 4pc to 2pc on 545 tariff lines, from 6pc to 4pc on 2,227 tariff lines, and from 7pc to 6pc for all products........

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