Duty, taxes up to Rs5,000 exempted on imported goods

Duty, taxes up to Rs5,000 exempted on imported goods

ISLAMABAD: An amount up to Rs5,000 has been exempted in case minimum total duty and taxes on imported goods.

An amendment to Customs Act, 1969 has been introduced through Finance Bill, 2020 issued on Thursday.

Through the amendment the minimum duty and taxes that is not demanded by the customs authorities have been increased to Rs5,000 from existing Rs1,000.

Through the bill Section 19C of the Customs Act, 1969 has been substituted.

Finance Bill proposed following amendment to the Customs Act:

19C. Minimal duties not to be demanded.- Where the value of imported goods does not exceed five thousand rupees, no duties and taxes shall be demanded, subject to conditions and restrictions as may be prescribed by the Board under the rules.”

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