Tag: budget 2020/2021
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Advance ruling in Customs laws introduced
ISLAMABAD: The government has introduced mechanism of advance ruling to facilitate importers and investors to ensure transparency in clearance process. Section 212B has been inserted to the Customs Act, 1969 through Finance Bill, 2020 to introduce advance ruling. Section 212B: Advance Ruling. (1) An applicant desirous of advance ruling shall make an application in such…
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Customs duty exempted on import of industrial raw material
ISLAMABAD: Federal Minister for Industries and Production Hammad Azhar announced to exempt customs duties on import of industrial raw material. While presenting the Budget 2020/2021, the minister highlighted the key points of changes brought to Customs Act, 1990 through Finance Bill, 2020. He said that the government had initiated customs tariff rationalization during the last…
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