FBR withdraws regulatory duty on cotton import

FBR withdraws regulatory duty on cotton import

ISLAMABAD: Federal Board of Revenue (FBR) in compliance with the government decision has withdrawn five percent regulatory duty on import of cotton yarn.

The FBR issued SRO 1352(I)/2020 dated December 23, 2020 to amend SRO 680(I)/2019 dated June 28, 2019 to withdraw the regulatory duty on import of cotton yarn till June 30, 2021.

The Economic Coordination Committee (ECC) in a meeting held on December 02, 2020 approved the removal of regulatory duty on import of cotton yarn.

The Ministry of Commerce presented a proposal before the ECC regarding removal of 5 percent regulatory duty on import of cotton yarn till June 30, 2021. After detailed discussion, the finance minister approved the removal of regulatory duty on import of cotton yarn to enhance value-added exports.

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