KARACHI: Federal Board of Revenue (FBR) has granted an amount Rs45 billion as cost of customs duty exemption and concession of customs duty on imports under free and preferential trade agreements.
According to official data of exemption and concessions against imports under Free trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) during fiscal year 2019/2020 was Rs45.02 billion.
According to breakup of the concessions and exemptions, the FBR exempted Rs1.6 billion worth imports from SAARC countries under SAFTA Agreement on the basis of SRO 12749i)/2006.
The FBR granted exemption Rs26.85 billion as general exemption on imports from China under Pak-China FTA on the basis of Table-I of SRO 659(I)/2007.
Another exemption of Rs6.911 billion was granted under Table-II of SRO 659(I)/2007 as general exemption on import from China under Pak-China FTA.
An amount of Rs2.52 billion was granted under SRO 1261(I)/2007 Table-I as general exemption on import from Malaysia under PTA.
Similarly, Rs922 million granted under SRO 1261(I)/2007 Table-II as general exemption on import from Malaysia under PTA.
The FBR granted Rs3.64 billion under SRO 741(I)/2013 as general exemption on import from Indonesia under Pak-Indonesia PTA.
An amount of Rs1.77 billion has been granted under SRO 280(I)/2014 as general exemption on imports from Sri Lanka under Pak-Sri Lanka FTA.