The Commerce Ministry has decided to adjust Regulatory duties to support domestic industries in the initial phases. These initiatives, in accordance with the guidelines set forth in the National Tariff Policy 2019-24, signify the government’s commitment to supporting and protecting local businesses.
Following a comprehensive evaluation process, the Tariff Policy Board (TPB) convened its 52nd meeting on December 27, 2023, to review proposals from various sectors. Subsequently, the TPB put forward the following recommendations:
1. Regulatory Duty on DOTP: To safeguard nascent industries, the Commerce Ministry has imposed a 15% Regulatory Duty on DOTP (Dicotyl Terephthalate) until June 30, 2024.
2. Continuation of Regulatory Duty on Chloroparaffins liquid: In a bid to sustain ongoing investments, a 10% Regulatory Duty on Chloroparaffins liquid will remain in effect until June 30, 2024.
3. Enhanced Regulatory Duty on Mushrooms: Recognizing the need to provide adequate protection to a growing industry, the Ministry has increased the Regulatory Duty on mushrooms from 20% to 30% for a period of one year.
These decisions, arrived at after consultation with key stakeholders including the FBR, Finance Division, Ministry of Industries and Production, National Tariff Commission, and Board of Investment, have been forwarded to the Economic Coordination Committee (ECC) of the Cabinet for further consideration.
Given that the authority to determine Regulatory Duty lies with the Federal Cabinet, as outlined in the National Tariff Policy 2019-24 and the Customs Act, 1969, the Commerce Ministry’s proactive measures underscore its commitment to fostering an environment conducive to the growth and sustainability of local industries.
