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Govt reduces additional customs duty from 7pc to 2pc on import of auto parts

Govt reduces additional customs duty from 7pc to 2pc on import of auto parts

ISLAMABAD: The Federal Cabinet approved the reduction of additional customs duty on import of auto parts from seven percent to two percent.

The decision has been taken to promote indigenous production of vehicles in the country.

This was disclosed by Minister for Information and Broadcasting Chaudhry Fawad Hussain at a press conference.

He said that on the proposal of the tariff policy board, the cabinet approved a reduction in additional customs duty on auto parts from seven to two percent to promote indigenous production of vehicles.

Fawad said additional customs duty on heavy commercial vehicles had also been reduced from seven to two percent.

Moreover, he said that prices of 1000 cc and below cars would fall after the abolishment of additional duty on their equipment.

He said the cabinet allowed the Federal Board of Revenue to hire services for making its data more secure following a cyber attack on August 14 this year.

Fawad said hackers attacked the website of the Federal Board of Revenue, however, most of its data remained safe and an operational emergency was declared to secure its data.

He said the cabinet was informed that this year about a million cyber-attacks were made on Pakistani websites which were thwarted by the National Telecom Company. It was informed that a comprehensive framework of cyber security was in place which was being further strengthened.

Chaudhry Fawad Hussain said the Ministry of Science and Technology briefed the cabinet on the process of electronic voting machines and overseas Pakistanis voting right.

The minister said the Ministry of Information Technology would launch 5G technology in the country from next year in which multiple companies had already shown interest.