Pakistan cancels import duties on hot rolled and stainless steel plates

The Pakistan government officially abolished part of the import tax on hot rolled and stainless steel plates in the 2021-2022 budget approved on June 29. The new annual budget has come into effect on July 1.
The government originally imposed three types of tariffs on imported plates: import taxes, additional tariffs, and adjustment taxes. In terms of hot rolling, among the products under HS codes 7208 and 7225, the import tax rates for high- and general-standard hot coils were originally 11% and 20%, respectively, but are now zero. The additional tariff rates for high-standard and general-standard hot coils are maintained at 2% and 7% respectively. The product adjustment tax under HS codes 7208 and 7225 was originally 6% and 11%, respectively, but now both have been reduced to 5%, regardless of specifications. For stainless steel, the import tax on products under HS codes 7219 and 7220 was reduced from 3% to zero, and the additional tariff remained at 2% without adjustment tax.
Pakistan consumes about 2.5 to 3 million tons of hot coils each year, and the main sources of imports are China, Ukraine, Russia, Japan and South Korea. The source said that the abolition of import taxes will help the terminal industry reduce costs and maintain production.