Karachi, December 28, 2023 – The Federal Board of Revenue (FBR), the apex tax agency of Pakistan, has officially released the dutiable goods list for the tax year 2024, providing clarity on customs duties at the time of imports.
The guidelines, outlined in the Pakistan Customs Act, 1969, shed light on the rates and regulations governing the importation and exportation of goods during the upcoming fiscal year.
Customs Duties and Import Regulations:
According to the FBR, customs duties will be levied at the rates prescribed in the First Schedule or any other applicable law on the following:
1. Goods imported into Pakistan.
2. Goods brought from any foreign country to any customs station, transshipped or transported for, or carried to, and imported at any other customs station without payment of duty.
3. Goods brought in bond from one customs station to another.
Furthermore, the FBR emphasized that customs duties on the import of goods or specific classes of goods will be levied based on rates prescribed in the Fifth Schedule, subject to the conditions, limitations, and restrictions outlined therein.
Regulatory Duties and Export Duties:
The FBR clarified that no export duty will be imposed on goods exported from Pakistan. However, the Federal Government holds the authority to levy regulatory duties on imported or exported goods, as specified in the First Schedule, not exceeding one hundred per cent of the determined value under section 25 or section 25A.
Regulatory duties, when imposed, will be in addition to any duty already in place under subsection (1) or any other concurrent law. The FBR also specified that the regulatory duty will be applicable from the day specified in the official Gazette, regardless of its publication date.
Additional Customs Duties:
In a bid to regulate trade and protect domestic industries, the Federal Government, through the FBR, may levy additional customs duties on specified imported goods at a rate not exceeding thirty-five per cent of the determined value under section 25 or section 25A.
The guidelines stipulate that the cumulative incidence of customs duties, including additional duties, should not surpass the rates agreed upon by the Government of Pakistan under multilateral trade agreements. Similar to regulatory duties, additional customs duties will be in addition to any existing duties and will be leviable from the specified day in the official Gazette.
The release of the customs guidelines for the tax year 2024 by the FBR aims to provide clarity and transparency for businesses involved in international trade. As Pakistan continues to align its trade policies with global standards and agreements, businesses are encouraged to stay informed about these regulations to ensure compliance and facilitate smooth cross-border transactions. The FBR’s efforts to streamline and clarify customs duties demonstrate the government’s commitment to fostering a robust and accountable trade environment in Pakistan.
