Govt loses billions on tyre import
Business
April 30, 2021
KARACHI: The under-invoicing of tyres is causing the government a loss of billions of rupees annually, a statement said on Thursday.
The unrealistic import trade price along with large-scale smuggling are the biggest obstacles to investment in the local tyre industry, it added.
Industry sources said the annual consumption of tyres in Pakistan is 10 million, of which 20 percent consumption is met by locally-manufactured tyres, while 15 percent of tyres are imported.
The remaining 65 percent of the demand is met by smuggled tyres. Chinese tyres dominate the Pakistani tyre market and accounted for 80 percent of the imports. It is to be estimated, these tyres are up to 25 percent under-invoiced.
Business
April 15, 2021
KARACHI: Local tyre-makers believe Afghan Transit Trade Agreement (ATTA) is being misused and to stop that institution of a joint commission comprising officials from both sides is imperative, an industry official said on Wednesday.
“This will also facilitate the Afghan government to import some items which are not in the prohibited items or negative list as defined in the agreement but unfortunately the channel was badly misused,” said Hussain Kuli Khan, Chief Executive General Tyre, in a statement.
Khan said that ATTA, signed in 1965, had many loopholes and it was a known fact that through these cracks the bulk of smuggling activities were carried out.
Tyre Manufacturers Complain About Smuggling Through Pak-Afghan Border propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
The move comes as demand for new sizes of tyres has increased in the country with the arrival of automobile variants. ─ Maxabout.us.
ISLAMABAD: General Tyre and Rubber Company of Pakistan Limited (GTR) has started manufacturing 18-inch tyres for Sports Utility Vehicle (SUV).
The move comes as demand for new sizes of tyres has increased in the country with the arrival of automobile variants.
In a statement, GTR Chief Executive Hussain Kuli Khan said the company has made major investments to develop and manufacture new sizes of tyres.
“New players in the auto industry have diversified local tyre manufacturing by increasing demand of new sizes of tyres especially with the induction of crossovers and SUVs,” he said. GTR has invested over Rs5 billion in the last five years to upgrade its manufacturing unit.
Tyre industry calls for curbing smuggling tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.