The Additional Customs Duty (ACD ) was passed by the Pakistani government in 2021 in an effort to boost the country’s economy. The act imposes an additional customs duty on a variety of goods imported into Pakistan, with the goal of raising revenue and protecting local industries.
The ACD has been in effect for over two years now, and it has had a positive impact on the Pakistani economy. According to the Pakistan Bureau of Statistics, the country’s exports have increased by 10% since the act was passed. Additionally, the government has collected an additional $1 billion in revenue from the ACD .
The ACD has also helped to protect local industries. By making imported goods more expensive, the act has made it more difficult for foreign companies to compete with local businesses. This has led to an increase in investment in Pakistani manufacturing, which has created jobs and boosted economic growth.
The ACD is just one of the many reforms that the Pakistani government has implemented in recent years in an effort to boost the economy. These reforms have been successful, and they have helped to put Pakistan on the path to economic recovery.
Here are some additional benefits of the Additional Customs Duty in Pakistan:
- Increased government revenue: The ACD has generated an additional $1 billion in revenue for the Pakistani government. This revenue can be used to fund government programs and services, such as education, healthcare, and infrastructure.
- Protected local industries: The ACD has made it more difficult for foreign companies to compete with local businesses. This has led to an increase in investment in Pakistani manufacturing, which has created jobs and boosted economic growth.
- Reduced trade deficit: The ACD has helped to reduce Pakistan’s trade deficit. This is because the act has made imported goods more expensive, which has led to a decrease in imports.
- Improved balance of payments: The ACD has helped to improve Pakistan’s balance of payments. This is because the act has generated additional revenue for the government and reduced the trade deficit.
Overall, the Additional Customs Duty has been a success. The act has boosted the Pakistani economy by generating additional revenue, protecting local industries, reducing the trade deficit, and improving the balance of payments.