Elevator price likely to increase

The price of elevator is likely to increase at retail level as Finance Minister HM Mustafa Kamal on Thursday proposed to increase customs duty on the import of the equipment to encourage domestic industry.

“Some domestic industries have started manufacturing elevators. Currently importers are paying 5 per cent customs duty to import lift. To encourage the expansion of heavy industries in the country, we propose to increase the existing customs duty to 15 per cent on the import of lift and skip hoists,” the finance minister said in his budget speech.

“Also, we propose to keep the said concession notification in force till June 30, 2025,” he added.