ISLAMABAD: The government has withdrawn 40 percent regulatory duty on import of sugar and sugar products.
The FBR issued SRO 127(I)/2020 dated February 24, 2020 to withdraw the regulatory duty of 40 percent on import of commodities falling under Customs Harmonized Code Chapter of 17.01.
The government imposed 40 percent regulatory duty on import of sugar through SRO 680(I)/2019.
However, through the latest SRO 127(I)/2020 the regulatory duty has been withdrawn.
It is worth mentioning that the recently the retail prices in the local markets surged abnormally. Some quarters had suggested the government to import the commodity to meeting the local demand and discourage hoarding.
However, the Economic Coordination Committee in its latest meeting had rejected the proposal to import sugar as sufficient quantity was available in the country.
Industry sources said that importers would able to import sugar from international market without levy of regulatory duty.