ISLAMABAD: The Ministry of Industries and Production has proposed a 20% Regulatory Duty (RD) on LED lighting products as part of its budget recommendations for the upcoming fiscal year. The move aims to support local manufacturing and reduce reliance on imports.
A high-level meeting chaired by Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production, was convened to review budget proposals related to Pakistan’s industrial sector. The session was attended by Secretary of Industries and Production Saif Anjum, along with representatives from the Engineering Development Board (EDB) and the Small and Medium Enterprises Development Authority (SMEDA).
Key topics discussed included the promotion of domestic manufacturing, import and export regulations for raw materials, and the structure of Customs Duties (CD), Regulatory Duties (RD), and Additional Customs Duties (ACD). Among the proposals, the Ministry recommended a 20% RD on LED lighting products to encourage local alternatives.
Haroon Akhtar Khan emphasized the need for tax reforms to strengthen the industrial sector. He also proposed introducing a super tax to align Pakistan’s corporate tax structure with regional benchmarks.
Reinforcing the Prime Minister’s vision, the Special Assistant underscored the importance of fostering a business-friendly environment to attract investment. He also highlighted the necessity of empowering local industries and supporting small and medium enterprises (SMEs).
Haroon Akhtar further directed relevant departments to identify and remove barriers that hinder industrial growth, aiming to ensure sustainable economic development in the country.
