Pakistan Revenue
Official data released on Monday indicates a remarkable upswing in the collection of customs duty from imported vehicles during the fiscal year 2020/2021, reflecting a staggering 95 percent growth, reaching Rs111 billion. This surge is in stark contrast to the Rs56.85 billion recorded in the preceding year.
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ISLAMABAD: The government has announced abolishing duty and taxes on locally manufactured and imported cars with engine capacity up to 850cc to enable low earning families to afford motor vehicles. Finance Minister Shaukat Tarin while presenting federal #budget 2021/2022 on Friday announced duty and tax incentives for sale and import of motor cars with engine […]
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ISLAMABAD: The federal government on Friday presented budget 2021/2022 and announced measures in regime of customs duty. GUIDING PRINCIPLES (a) Remove anomalies in cascading structure of tariff (b) Promote and protect domestic industry by introducing targeted interventions (c) Enhance import-substitution by rationalizing tariffs on industrial raw materials / intermediate goods (d) Facilitate export-oriented manufacturing by […]
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The Federal Board of Revenue (FBR) in Pakistan announced on Monday the grant of duty exemption on the import of critical oxygen-related goods.
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ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified exemption of customs duty on import of cotton yarn till June 30, 2021. The FBR issues SRO 533(I)/2021 to comply with the decision of Economic Coordination Committee of the Cabinet (ECC) to exempt whole of customs duty on import of cotton and cotton yarn. The ECC […]
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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the withdrawal of customs duty to ensure smooth supply of cotton and cotton yarns to the value-added industry, while bridging the gap between domestic production and overall demand for the inputs. Federal Minister for Finance, Revenue, Industries and Production, Muhammad Hammad Azhar, chaired […]
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ISLAMABAD: The payment of customs duty rebate to textile sector increased by over 100 percent during tax year 2020, which shows the commitment of Federal Board of Revenue (FBR) to facilitate the most import sector for resolving liquidity issues.
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ISLAMABAD: Federal Board of Revenue (FBR) on Monday exempted customs duty, regulatory duty and additional customs duty on import of medical instruments and equipments for prevention and treatment of COVID pandemic. The FBR issued SRO 1251(I)/2020 dated November 23, 2020 to exempt whole of customs duty, regulatory duty and additional customs duty on import of […]
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ISLAMABAD: Federal Board of Revenue (FBR) issued budget salient feature related to Customs duty presented through Finance Bill, 2020. Industrial Relief Measures Exemption of additional custom duties on those tariff lines which are now @ 0 percent customs duty in tariff. Reduction of custom duty on 40 raw materials of various industries. Tariff rationalization under […]
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The Karachi Chamber of Commerce and Industry (KCCI) has proposed a significant reduction in customs duty on steel products in its budget proposals for 2020/2021.
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