Pakistan Revenue
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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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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