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Pakistan investigating mis declaration in import of rebars from China
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Friday, 23 Nov 2012
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Business Recorder reported that a massive quantity of rebar is being imported into Pakistan from China in the garb of alloyed steel at zero rate of duty causing millions of rupees revenue loss to the national exchequer and domestic steel industry in Pakistan.

Sources said that recently Pakistan Customs had cleared four such consignments imported from China but later on the protest and complaints of domestic steel industry, the customs detained the imported consignments.

As per report, the customs officials have been deputed at four private go downs where imported goods were shifted after clearance and the samples of imported consignments have been sent to A Q Khan laboratories in Islamabad for testing, analysis and identification of goods.

As per report, the details are as under
Quantity - About 8000 tonne
Price - USD 581 per tonne CFR
Exporter - Hangzhou Co Generation Company Limited Hong Kong
Manufacturer - Tianjin Iron & Steel Group Company China

The domestic steel industry has urged FBR for an independent inquiry

Normally Hot Rolled Deformed bars have a 10% import duty, 16% sales tax and under FTA with China duty reduce to 5%.

Source - Business Recorder

(www.steelguru.com)

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