Economic Coordination Committee raises duty on tyre, bike parts import
ISLAMABAD: The government on Thursday increased additional customs duty (ACD) on import of tyres and motorcycle parts produced locally and approved first-loss coverage for small and medium enterprises and small farmers. The decisions were taken at a meeting of the Economic Coordination Committee (ECC) of the cabinet, presided over by Finance Minister Muhammad Aurangzeb. The committee also…
On Thursday, the government increased additional customs duty (ACD) on the import of locally manufactured tyres and motorcycle parts, raising rates from 4% to 11% for radial tyres and from 11% to 31% for motorcycle parts. These measures were aimed at supporting domestic manufacturing efforts. The Economic Coordination Committee (ECC) of the cabinet, chaired by Finance Minister Muhammad Aurangzeb, also approved first-loss coverage for small and medium enterprises and small farmers, providing financial protection for loans up to 20% for SMEs and 10% for small farmers and medium-sized industries.
To further aid local industries, the ECC approved the use of Export Development Fund (EDF) resources to invest in government securities and allocated Rs57.85 billion in supplementary grants, which included funding for the Small and Medium Enterprises Development Authority, the Industries and Production Division, the Public Private Partnership Authority (P3A), and the Ministry of Railways.
Written by urgent.news from Dawn's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
