Ban on tractor parts import urged
Business
February 14, 2021
LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has stressed the need to restrict the import of those parts, which are being manufactured in the country, a statement said on Saturday.
PAAPAM Senior Vice Chairman Abdur Razzaq Gauhar said that under-invoicing and the low valuation of imports have been hitting the industry hard, it added.
The low valuation of tractor parts imports has adversely affected sales tax, withholding tax, Customs duty, and federal excise duty and the major reason for less revenue collection is the absence of a foolproof mechanism for accurate assessment of duties and taxes at the import stage.