ISLAMABAD: The government has decided to abolish additional customs duty (ACD) on the import of 1636 items in coming budget (2020-21) and reduction of duties on the smuggling prone items.
Sources told Business Recorder here on Thursday that duties were abolished or reduced on these items in last budget. Now it has been decided to abolish 2 percent additional customs duty on the import of 1636 items.
The government would also reduce customs duty on 350 items including smuggling prone items.
The government would raise duties on certain items for the protection of the local industry and domestic sectors.
In federal budget 2019-20, the government had reduced customs duty from 3 percent to zero percent on 1,636 tariff lines related to raw materials and intermediaries to boost exports, with an estimated hit of Rs 20 billion in revenue but 2 per cent ACD remained applicable on those tariff lines.
In addition to removal of ACD on 1636 tariff lines, the government has also decided to slash duties (Custom Duty, Regulatory Duty, Excise Duty and ACD, etc) on 350 tariff lines in the budget which were proposed by different industries and came under discussion by the Tariff Board.
Comments
Comments are closed.