Pakistan Revenue
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 […]
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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 […]
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ISLAMABAD: Federal Board of Revenue (FBR) has imposed up to seven percent additional customs duty on items falling under tariff slab of 20 percent and higher slabs. The FBR issued SRO 670(1)/2019 on Saturday stated that in supersession of its Notification No. SRO 630(1)/2018, dated the May 24, 2018, the federal government approved to levy […]
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KARACHI: The government has allowed customs duty concessions on import of 1650 raw materials through Finance Bill 2019. According to Deloitte Yousuf Adil, Chartered Accountants, the Finance Bill proposed to introduce concession of Customs Duty on import of 1650 raw materials/industrial inputs. Major items are listed as follows: PCT code Description Rate 2710.1911 Kerosene […]
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KARACHI: The government has announced reduction in customs duty on import of various goods. The reduction in duty has been proposed through Finance Bill 2019.
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KARACHI: The government has proposed exemptions from customs duty on import of various goods through Finance Bill 2019. According to A. F. Ferguson & Co. Chartered Accountants Firm the Finance Bill 2019 has proposed exemption from customs duty is proposed on following items: – Various industrial inputs / raw materials – Pharmaceutical products – Plastic […]
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ISLAMABAD: The government has announced changes in customs duty regime which included relief and revenue measures. RELIEF MEASURES 1. To standardize printing and preservation of Holy Quran, import of good quality duty free Art paper is being allowed. 2. Exemption of CD on 18 medicinal inputs/items 3. Exemption of CD on Modular/ Particle Free Operation […]
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ISLAMABAD: Federal Board of Revenue (FBR) has exempted customs duty and additional customs duty on import of cotton for the period of February 01 to June 30, 2019.
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In a major move aimed at boosting both the export sector and domestic industrial production, the Pakistani government has unveiled plans to eliminate or reduce customs duty, additional customs duty, and regulatory duty on 135 tariff lines associated with crucial raw materials.
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The FBR released crucial details on Thursday regarding the transformative changes brought to the Customs duty regime through the Finance Supplementary (Second Amendment) Bill, 2019, which was presented on January 23, 2019. These modifications are poised to impact various sectors and streamline the country’s trade policies.
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