The federal government has decided to cut import duties (ACDs) on auto products from 7% to 2% in order to boost domestic production in the auto industry and remove the barriers the sector faces.
This was announced on Tuesday by the Minister of Information and Broadcasting Fawad Chaudhry in connection with the decisions of the federal government led by Prime Minister Imran Khan.
The minister spoke about the government’s decisions in a televised address on the state-owned PTV channel. Fawad said that in line with the Tariff Committee’s recommendation to increase domestic production in the auto industry, the ACD on imports in the auto sector has been slashed from seven percent to two percent.
He also said the ACD rate for heavy vehicles should also be reduced from seven percent to 2 percent.
He also said that an investigation into the hacking of the FBR website had been completed, which showed that most of the FBR data was protected, and a cabinet meeting was informed that a million cyberattacks had occurred on Pakistani websites this year.
The minister said the government is hiring a data protection company that will enhance the security of FBR data.
The government decided to auction the 5G licenses next year.
The minister said that only one telecommunications company was bidding on the spectrum and so the government decided to auction fifth generation licenses next year to attract more telecommunications companies.
The prime minister also expressed dissatisfaction with the delay in wheat imports.
Chaudhry said the prime minister wanted to import wheat as soon as possible to bring prices down.
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