In order to curb smuggling via. the Afghan border, tyres manufacturing sector of the country has urged the government to withdraw the decision of discontinuation of stamping of goods “In Transit to Afghanistan” at Karachi Ports and Port Qasim.
It is necessary to maintain regulatory duty and increase ITPs of imported tyres to prevent the national exchequer and local industry from a big damage. In a recent interview, Hussain Kuli Khan, Chief Executive General Tyre, urged the government to increase 25% in the Import Trade Price (ITP) as it would generate additional revenue of Rs. 3 billion for the government. “Increase in ITPs will result in new investment at local level which in turn would increase employment opportunities.” Recent initiatives taken by the Federal Board of Revenue – Customs Operations to curb money laundering, illicit movement of commodities and black economy, will provide a window of growth to local tyre and tube manufacturers to capture the grey market share of tyres and tubes.
