News Update: – 4th May 2020
The NSAC (National Steel Advisory Council) wrote a letter to the government of Pakistan to vindicate the worth of importing and exporting of the raw material of steel scrap. While asking for them to align them with the prevailing rates in the international marketplace as it will deliver accomplishment of the construction deal.
Furthermore, NSAC’s letter highlighted that most important key points such as that the price of steel scrap on the global market is currently $250 – $ 260 per ton, and in Pakistan imported raw materials are esteemed at a fixed cost of $360 / ton, momentously growing production costs. While, The Federal Revenue Board (FBR) determines the values of all imported goods, and imposes a tax on these specified values.
Besides, the NSAC specified that the steel industry had double-taxed its closing stock on June 30, 2019. Despite the fact, Kamraj enterprises propose that reducing the minutest auctions tax 1.5 percent might increase the sales and importing and will benefit the companies hugely on the steel sector especially in these predicaments. While, as we all know that the Steel industry is facing many issues, which need to be addressed by the government to ensure the steel is supplied to the construction industry at affordable levels.