The Pakistani government has increased duties on a range of imported products, including several steel items, to reduce financial losses as the country seeks to secure a loan agreement of over USD 6 bln with the International Monetary Fund.
For the steel sector, the government has raised the regulatory duty on certain cold-rolled, coated, and painted steel imports from 5pct to 10pct until December 31, 2024. The duty on these products will revert to 5pct from January 1, 2025.
Additionally, a new 2pct additional customs duty has been introduced on hot-rolled and stainless steel products, up from zero previously.
The government has also imposed a new tax on the construction and sale of residential, commercial, and other buildings, as well as on the development and sale of residential, commercial, and other plots. This is likely to impact the country’s long steel demand.
