The government of Pakistan has announced some new tax measures in its federal budget 2014-15, introducing 10 percent customs duty on flat rolled silicon and alloy steel imports to bring them to a par with flat rolled products of non- alloy steel.
According to Pakistan's customs data, in the January-May period this year the value of Pakistan's silicon and alloy steel imports decreased by 36 percent compared to the corresponding period of the previous year. However, the general opinion in the market is that non-alloy flat rolled steel products, namely hot rolled, cold rolled and hot dip galvanized steel which are already subject to a 10 percent customs duty, have entered the country in the guise of silicon and alloy steel products. The Pakistani government is aiming to prevent misdeclaration of steel imports through this new customs duty.
The products subject to the import duty fall under the Customs Tariff Position Numbers 72.25 and 72.26.
