Finance Bill 2023 – Customs Duty Salient Feature
Following are the salient features introduced to Customs Duty through Finance Bill, 2023, according to Pakistan Budget 2023-24 revealed on Friday.
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Tag: customs duty
Customs duty for motor vehicle kits of new models reduced to 15pc
The Federal Board of Revenue (FBR) has announced a reduction in customs duty to 15% for components used in the assembly or manufacture of cars in any kit form.
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Customs duty exemption, concession granted
KARACHI: The Finance Act, 2022 has amended provisions of Customs Act, 1969 to grant exemption and concessions from customs duty. Following are the exemptions and concessions of customs duty: Exemption of Customs Duty and Additional Customs Duty READ MORE: Commodities’ illegal movement to be treated as smuggling Customs Duty (CD) leviable on the import of […]
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Pakistan may increase normal sales tax rate to 18%
Pakistan is likely to increase sales tax rate to 18 per cent in the federal budget 2022-2023, which is scheduled on June 10, 2022. The existing normal sales tax rate is 17 per cent. According to Budget Preview 2022/2023 issued on Thursday, analysts at Arif Habib Limited said the government is considering to raise an […]
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FBR exempts customs duty on import of oxygen gas
The Federal Board of Revenue (FBR) has issued an exemption on customs duty for the import of oxygen gas and oxygen cylinders.
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Customs duty collection from imported vehicles surges by 95%
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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Budget 2021/2022: Duty, taxes abolished on cars up to 850cc
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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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 […]
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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.
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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 […]
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