The Pakistan Association of Large Steel Producers (PALSP) has urged their government to do away with regulatory and import duties on meltable scrap to tide over the impact of COVID-19 on the economy, according to the local media. The association has also sought a reduction in interest rate to 5pc for the next 12 months, as the outbreak is likely to cause a cash crunch and a drastic decline in demand.
Amid an economic slowdown, PALSP states input cost had risen to 35pc, and passing it on to the consumers is an unviable option due to the low purchasing power.
Pakistan has one of the highest duty rates in the world, states PALSP. The association also seeks a reduction in the minimum turnover tax for the industry and retailers to 0.25pc.