The government has formed a new ‘National Tariff Commission (NTC), abolishing the old one formed in 1990 for being ‘flawed’ and inappropriate to address international trade related issues.
President Mamnoon Hussain has promulgated four ordinances about taxes, tariffs and duties, including the NTC Ordinance-2015.
An official announcement issued by the presidency on Thursday said: “On a summary initiated by Ministry of Commerce, the president has approved the prime minister’s advice and signed/promulgated the National Tariff Commission Ordinance-2015, Anti-Dumping Duties Ordinance-2015, Countervailing Duties Ordinance-2015 and Safeguard Measures Ordinance-2015.”
A source in the presidency said that with the promulgation of NTC Ordinance-2015, the previous one called NTC Act-1990 stood abolished.
He said the NTC Act-1990 had been abolished because it carried some flaws and lacunas and had failed to address several issues concerning international trade.
