ISLAMABAD: The Federal Cabinet on Tuesday approved a significant reduction in additional customs duty on the import of auto parts, lowering it from seven percent to two percent. This decision aims to boost the indigenous production of vehicles in Pakistan and promote local manufacturing.
Minister for Information and Broadcasting Chaudhry Fawad Hussain disclosed the development during a press conference, highlighting the cabinet’s commitment to supporting the automotive industry. He stated that the cabinet, acting on a proposal from the tariff policy board, approved the reduction in additional customs duty on auto parts to encourage local production and reduce reliance on imports.
The minister further revealed that additional customs duty on heavy commercial vehicles has also been reduced from seven percent to two percent, aligning with the government’s strategy to support the transport sector. This move is expected to enhance the affordability and accessibility of locally assembled commercial vehicles.
Additionally, Fawad noted that the abolishment of additional customs duty on equipment for 1,000cc and smaller cars would lead to a reduction in their prices, benefitting consumers and supporting the middle-income segment of society.
Addressing cybersecurity concerns, the minister said the Federal Board of Revenue (FBR) had been authorized to hire specialized services to enhance the security of its data following a cyberattack on August 14. He disclosed that the FBR’s website had faced a major hacking attempt but assured that most of the data remained secure due to timely intervention. He added that approximately one million cyberattacks were thwarted this year, thanks to efforts by the National Telecom Company and a robust cybersecurity framework, which is being further fortified.
Fawad also provided updates on technology initiatives, stating that the Ministry of Information Technology plans to launch 5G technology next year, with several companies already expressing interest. Prime Minister Imran Khan has directed the Pakistan Telecom Authority to ensure equitable telecommunication services nationwide.
The cabinet approved the establishment of the Quaid-e-Azam Foundation and addressed the delay in wheat procurement. Fawad said the Prime Minister expressed disappointment over the delay, directing Punjab to expedite wheat release, which is expected to stabilize wheat and flour prices.
These decisions, including the reduction in additional customs duty, reflect the government’s focus on fostering economic growth, technological advancement, and consumer welfare.