Pakistan Looking to Drop Some Import Taxes, Trade Adviser Says
Pakistan will seek to lower some taxes on imports of raw materials to give a boon to manufacturing and economic growth, Prime Minister Imran Khan's trade adviser Abdul Razak Dawood told Bloomberg. Taxes would drop 3% to 10% on key…
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inputs for pharmaceutical, chemical, engineering and food processing industries, Bloomberg reported June 6. Any decrease in import taxes would be a drastic policy shift for Pakistan because more than 40% of the nation's total tax revenue stems from duties on imports. Khan wants to shed Pakistan's reliance on foreign loans and bailouts and build up the country's productivity and share of exports, Bloomberg said. Having averaged $23 billion annually in exports over the past decade, Khan's government is shooting for a new export figure north of $25 billion for the next financial year.