Budget 2021/2022: salient features of budgetary measures in Customs Duty

Jun 11

Budget 2021/2022: salient features of budgetary measures in Customs Duty

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 […]

by Mrs. Anjum Shahnawaz

FBR allows duty free import of oxygen manufacturing plants

May 24

Taxation

FBR allows duty free import of oxygen manufacturing plants

The Federal Board of Revenue (FBR) in Pakistan announced on Monday the grant of duty exemption on the import of critical oxygen-related goods.

by Mrs. Anjum Shahnawaz

FBR notifies duty exemption on cotton yarn import

May 6

Pakistan Customs

FBR notifies duty exemption on cotton yarn import

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 […]

by Faisal Shahnawaz

ECC approves customs duty withdrawal on cotton, yarn import

Apr 14

Finance

ECC approves customs duty withdrawal on cotton, yarn import

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 […]

by Mrs. Anjum Shahnawaz

Duty rebate payment to textile sector increases by over 100pc

Apr 11

Pakistan Customs

Duty rebate payment to textile sector increases by over 100pc

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. The payment of customs duty rebated was Rs18.31 billion during tax year 2020 as compared with […]

by Mrs. Anjum Shahnawaz

Duty exempted on import of medical equipments for prevention, treatment of COVID

Nov 23

Pakistan Customs

Duty exempted on import of medical equipments for prevention, treatment of COVID

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 […]

by Mrs. Anjum Shahnawaz

Budget salient features related to customs duty

Jun 12

Budget 2020-2021, Taxation

Budget salient features related to customs duty

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 […]

by Mrs. Anjum Shahnawaz

FBR suggested to reduce customs duty to 5 percent on steel products

Jun 9

Taxation

FBR suggested to reduce customs duty to 5 percent on steel products

KARACHI: Federal Board of Revenue (FBR) has been suggested to reduce customs duty to five percent on import of steel products in order to reduce cost of doing business for industries. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2020/2021 submitted to the FBR, urged to reduce the customs duty to […]

by Mrs. Anjum Shahnawaz

FBR implements duty exemption/concession under 2nd Phase Pak-China FTA

Jan 1

Pakistan Customs

FBR implements duty exemption/concession under 2nd Phase Pak-China FTA

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued concessionary rates for 6,786 tariff lines for goods imported under Second Phase of Free Trade Agreement (FTA) between Pakistan and China. The notified rates will be effective from January 01, 2020 for next 15 years i.e. December 31, 2034. The FBR issued SRO 1640(I)/2019 to implement […]

by Mrs. Anjum Shahnawaz

Locally manufactured two-, three electric wheelers proposed 1pc sales tax for seven years

Dec 1

Automotive

Locally manufactured two-, three electric wheelers proposed 1pc sales tax for seven years

ISLAMABAD: All two and three wheelers manufactured under Electric Vehicle Policy will sold at less than one percent sales tax for next seven years to bring the purchase price of EVs down, according to the policy. However, all two and three-wheeler EV’s imported shall be sold at one percent sales tax for the next five […]

by Mrs. Anjum Shahnawaz