ISLAMABAD: Pakistan Association of Large Steel Producers has urged the government not to increase the cost of electricity for the steel sector which is already facing a crisis-like situation.In a.
Steel sector demands end to fake sales tax invoices
Producers say it is damaging legitimate business, causing losses to exchequer
ABAD chairman has urged the govt to initiate strict action against the cartel of steel manufacturers. PHOTO: REUTERS
ISLAMABAD:
Large steel producers have requested the government to end the ongoing practice of claiming input taxes through fake sales tax invoices and said that this is damaging the business of legitimate companies and resulting in losses worth billions of rupees to the exchequer.
In a letter written to Inland Revenue Member Operations Dr Muhammad Ashfaq Ahmed, officials of the Pakistan Association of Large Steel Producers (PALSP) urged the Federal Board of Revenue (FBR) to put an end to the practice of fake and flying tax invoices for input tax claims.
Steel scrap value linked with London Metal Bulletin
Industry players welcome decision taken to avoid confusion at time of goods clearance
Bukhari pointed out that in previous ruling the price difference between re-rollable and re-meltable scrap was $100 per ton. PHOTO: REUTERS
KARACHI:
Customs authorities have linked the value of steel scrap with the London Metal Bulletin in a bid to avoid confusion at the time of goods clearance at ports.
The Customs Valuation, Karachi Directorate-General issued valuation ruling number 1,517 that linked the value of steel scrap with the London Metal Bulletin.
The notification said the decision was made to resolve the problems importers face at the clearance stage because the international market fluctuated according to demand and supply and prices of scrap were also published in the London Metal Bulletin for Pakistani importers.
PALSP lauds customs authorities
March 1, 2021
Islamabad : Pakistan Association of Large Steel Producers has expressed satisfaction and has appreciated the decision of Customs authorities on the valuation ruling issued by the Directorate General of Customs Valuation, Karachi, of linking the value of steel scrap with London Metal Bulletin (LMB), says a press release.
PALSP that represents the large steel producers expressed optimism and expressed hope of more such initiatives from the Customs side of Federal Board of Revenue under the current member Customs Mr. Tariq Huda Shah as well Chief Exports & Valuation Dr. Faisal Bukhari are taking positive steps, and this will help in improving the working of the Customs which is an important department of FBR. This decision has set a good example.
Steel rebar prices start rising again
Rates go up on the back of increase in cost of production
KARACHI:
Steel rebar prices have once again started rising due to an increase in electricity tariff and raw material prices in the international market.
The increase in prices of rebars came on the back of a rise in the cost of production, said JS Global steel analyst Arsalan Ahmed in comments to The Express Tribune.
Domestic steel rebar prices are expected to cross Rs150,000 per ton due to a surge in global scrap rates, which have gone up from $350 per ton in October to $455 per ton, and because of a recent 10% increase in power tariff for the energy-intensive steel industry.