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Builders Criticize Rising Steel Prices, Demand Removal of Duties

Builders and developers have requested exemption from regulatory duties and additional regulatory duties on imported steel prices to stabilize as rebar prices increase significantly in the local market.

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According to local media reports, the price of rebar, which was around Rs 117,000/ton in November 2020, has now increased to Rs 142,000, which threatens to hinder the progress of the construction industry despite the initiatives. of the government.

In this regard, the Association of Builders and Developers of Pakistan (ABAD) has called on the government to abolish the regulatory tax and the additional regulatory tax on imported steel to maintain steel price stability.

Read More: Investors Voice Concern Over Changes to Tax Laws

Similarly, a member of the National Coordinating Committee on Housing, Construction and Development (NCCHCD) asked Prime Minister Imran Khan to allow the import of rebar to improve competition and control corporatization.

However, experts say the tax exemption won’t make much of a difference as prices are skyrocketing due to rising international prices.  

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