Imported lift prices to go up

As part of efforts to promote local manufacturing, the government aims raising duty on imported lift and skip hoists to 15 per cent from the existing 5 per cent.

"At present, some domestic industries have started manufacturing elevators. But there is 5 per cent customs duty on lift and skip hoists at import stage," Finance Minister AHM Mustafa Kamal said in his budget speech today.

"To encourage the expansion of heavy industries in the country, we propose to increase the existing customs duty to 15 per cent on lift and skip hoists."

He also proposed keeping the duty in force until June 30 of 2025.