ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn additional customs duty on import of raw materials of around 174 tariff lines.
The FBR on Thursday issued SRO 81(I)/2021 dated January 22, 2021 to abolish additional customs duty on import of raw materials of 174 tariff lines.
The FBR issued the SRO for removal of additional customs duty to comply with the decision of Economic Coordination Committee (ECC) meeting held on January 06, 2021.
The Ministry of Commerce presented a summary regarding removal of additional 2 percent customs duty on raw material, on horizontal basis under National Tariff Policy 2019-2024.
The ECC approved the summary with a direction that budget cycle must be observed while planning important incentives for businesses and industries for smooth planning and subsequent implementation during the financial year.
Through the recent notification the FBR amended the SRO 572(I)/2020 dated June 30, 2020. Through the amendment the FBR replaced the list of raw material that had allowed waiver of additional customs duty on import or raw material on 25 tariff lines.
Through the SRO 572(I)/2020 dated June 30, 2020 the FBR imposed rates of additional customs duty at two, four and seven percent on import of goods.
